The Hungarian forint advanced today, breaking the level above which Goldman Sachs recommended their customers to close sell positions. The breakout added to the upward momentum of the currency.
Goldman predicted last month that the forint would fall and recommended that clients to close positions if the currency appreciates beyond the 290 per euro level. The forint was rallying as the Hungarian economy expanded 0.7 percent in the first quarter of 2013 from the previous three months, demonstrating the first quarterly growth in more than a year. The forint has rallied 5.3 percent in the second quarter, the best performance among the most-traded currencies.
USD/HUF went down from 224.3300 to 223.7900 as of 10:39 GMT today. EUR/HUF declined from 289.6500 to 289.3350, reaching the low of 288.4150 intraday.
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