Hungarian FinMin: No major weakening of CHF expected soon

The Hungarian FinMin says the Swiss franc has seen a flight to safety from the euro and Central European currencies and he does not expect a major weakening in the franc in the foreseeable future.

Many Hungarian mortgages are denominated in Swiss francs, amplifying the impact of the financial crisis is stressing Hungarian (and other central European) banks.

EUR/CHF is rebounding nicely today from earlier lows at 1.2766. It is up at 1.2615 as risk aversion lessens.