The Hungarian forint staged a sharp spike against the US dollar by about 2:05 am ET Thursday. The Hungarian currency thus rose to a 6-day high of 223.90, with next upside target level seen at 219.00. The dollar-forint pair closed Wednesday's New York session at 228.29.
The economic report released at 3:00 am ET likely influenced the deals in the pair. Hungary's Central Statistical Office said in a final report that the trade deficit stood at EUR194 million in January, revised from EUR192 million deficit estimated initially. In December, the trade deficit was EUR79.4 million. A year ago, in January, the deficit was EUR93.3 million.
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