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Forint Reverses Biggest Rally in Six Weeks on Industry Data

June 7 (Bloomberg) -- The forint weakened after the biggest rally in six weeks yesterday as data showed that Hungary’s industrial output unexpectedly plunged in April.

Hungary’s currency depreciated 0.3 percent to 299.01 per euro by 9:23 a.m. in Budapest after strengthening 1.5 percent yesterday.

Output dropped a workday-adjusted 3.1 percent from a year ago after a 0.6 percent increase in March, the Budapest-based statistics office said today based on preliminary data. The median estimate of 14 economists in a Bloomberg survey was for 0.5 percent growth. Production fell 2.4 percent from March.

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

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