Hungarian forint plunges ahead of Orbán’s announcements

Viktor Orbán announced on his Facebook page early Wednesday afternoon that important decisions would be announced soon after the cabinet meeting. Ahead of the announcements, however, the Hungarian currency is not doing well, to say the least.

The forint rose above 385, then 386, 387 and 388 against the euro in the early afternoon on Wednesday, as portfolio.hu reports. According to the paper, the weakness of the forint can also be explained by international factors: the dollar is strengthening, which usually does not do good to emerging currencies.

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Meanwhile, sentiment in foreign equity markets is favourable, which is making the forint’s underperformance look striking.

Viktor Orbán said that the government wants to protect the financial security of families, and said that he would provide information on the first government decisions taken in the new emergency situation on Wednesday.

Read alsoOrbán’s announcement: govt to protect utility cuts, cut excess profits

Source: Portfolio.hu, 24.hu, Napi.hu, Index