Bloomberg News

Forint Pares Week’s Slide as Hungary’s Industrial Output Expands

November 09, 2012

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


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