Decisive days: Forint may get a punch next Tuesday after weakening
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After the last period’s strengthening, we almost forgot about the forint’s historic lows in 2022. However, it seems nobody can settle. In the second half of this week, the national currency began to fall following some remarks of the Hungarian foreign minister concerning EU help for Ukraine. Forint may receive a decisive punch tossing it farther down on that slope next Tuesday.
According to Tőzsdefórum, the forint has been at a one-year peak against the euro this week, but by Friday, it weakened a lot. Currently, the exchange rate is at 375/EUR. However, on Tuesday, the Hungarian central bank may introduce some interest rate cuts, which can result in a free fall.
The Hungarian forint is still very vulnerable. Its currency exchange rate is affected not only by global changes but also by domestic economic policy modifications. We wrote about the government’s latest decisions about blocking the payment of EUR 500M for Ukraine. That resulted in a decrease. Furthermore, the USD started to strengthen again, so the USD/HUF rate is around 350.
The Hungarian Forint, like “Quick Sand” – COLLAPSING.
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