Forint Strengthens Fifth Day as Greek Deal Boosts Risk Appetite
The currency of Hungary, the European Union’s most indebted eastern member, appreciated 0.3 percent to 286.79 per euro by 10:23 a.m. in Budapest. The government’s benchmark 10-year bonds weakened, lifting yields seven basis points to 8.544 percent.
Finance ministers awarded Greece 130 billion euros ($173 billion) in aid, engineered a central-bank profits transfer and forced investors to provide more debt relief in a deal that will support the nation past a March bond repayment.
“The forint extended yesterday’s rally thanks to the Greek agreement early this morning,” Levente Papa, a currency and fixed-income strategist at OTP Bank Nyrt. (OTP), Hungary’s largest lender, and colleagues wrote in a research report today.
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