Forint Pares Week’s Slide as Hungary’s Industrial Output Expands
The forint snapped a two-day decline after Hungary’s industrial output unexpectedly expanded for a second month in September.
The currency strengthened 0.5 percent to 283.29 per euro, paring its slide this week to 0.4 percent. Yields on the government’s benchmark 10-year bonds fell nine basis points, or 0.09 percentage point, to 6.945 percent.
Production rose a workday-adjusted 0.6 percent from a revised 1.8 percent increase in August, the statistics office in Budapest said today, citing an expansion in vehicle output. The median estimate of 12 economists in a Bloomberg survey was for a 0.5 percent drop.
“The currency gained on the better-than-expected industrial production data,” Imre Kerekgyarto, a Budapest-based trader at Commerzbank AG, wrote in an e-mail today.
To contact the reporter on this story: Andras Gergely in Budapest at firstname.lastname@example.org
To contact the editor responsible for this story: Gavin Serkin at email@example.com
Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.