Forint drops further

Forint set up a new all time low yesterday at 279.33 against the euro at 2 PM local time, when trading started in New York. Currencies in emerging markets eased worldwide and forint followed suit as global investors tried to get rid of risky assets. The Slovak central bank intervened in the currency market in Bratislava to stop losses as uncertainty about coalition talks prompted a weakening in the crown to a seven-month low. Raiffeisen Bank analyst Bence Lányi does not think the same would happen in Budapest. He only expects some verbal intervention in Hungary. VGO