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 agergely@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.