Hungarian Forint Tumbles To 6-week Low Against US Dollar
December 15 2009 - 8:03AM
RTTF2
The Hungarian forint staged a sharp fall against the US dollar
in early European session on Tuesday following the Central
Statistical Office report showed that Hungary's industrial
production decreased a working day adjusted 10.8% year-on-year in
October.
The figure confirmed the preliminary estimates-report said. On a
monthly basis, industrial production climbed a seasonally adjusted
1.8% in October, also unchanged from preliminary estimates.
The statistical office also said that industrial export sales
dropped 11.3% annually in October, while industrial domestic sales
were down 11.7%.
The forint that closed yesterday's deals at 187.13 against the
greenback plunged more than 2 percent to touch 190.95 around 7:30
am ET. This set the lowest level for the domestic unit since
November 3rd and a drop below the 192.7 support may bring it to its
lowest level in more than 3 months.
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