The forint’s trading on Thursday initially stabilized, but the exchange rate weakened throughout the day due to the international mood and expectations regarding US labor market data. Important factors include the US-Iran negotiations, the price of oil, and expected interest rate changes by the Japanese and US central banks. The KSH’s unfavorable industrial and retail data also affected the forint, while demand for Hungarian government bonds remained stable.
Canadian company Alimentation Couche Tard, which operates Circle K stores, is preparing for its largest acquisition to date. The company is planning to acquire the Polish Żabka Group for approximately 8.7 billion dollars, which has nearly 13,000 stores and is the largest convenience store chain in Europe.
AKKO Invest has decided to sell two properties as part of its renewed growth strategy. The company will sell a share in a Budapest residential property and a former hotel in France, and will use the proceeds to develop its integrated property services business and for further growth.
The Hungarian economy grew more slowly in the second quarter than expected, but the trade balance showed a favorable surplus in June. In the foreign exchange market, the forint is strengthening against the euro and the dollar, which is partly due to market expectations regarding the Fed’s upcoming interest rate decision and subsequent communication, which indicate a weakening of the dollar.
The yen strengthened against the dollar by 3 percent, which is the largest one-day exchange rate movement for the Japanese currency since 2022. According to market participants, Tokyo was able to directly intervene in the foreign exchange market after the yen fell to a 40-year low at the beginning of the week, according to Reuters.