Hungarian forint at 3-month low: no recovery in sight
The forint was at a three-month low on Wednesday afternoon, and there is no telling when it will recover.
The forint started to weaken on Wednesday morning, helped by the unpleasant news of the Hungarian 2023 Q4 GDP data and the significant strengthening of the dollar alongside yesterday’s US inflation data. The EUR/HUF exchange rate jumped from near 387 to 387.7, Portfolio reports.
At 2 PM, the shortened minutes of the Hungarian central bank’s interest rate decision at the end of January were released, showing that two members of the Monetary Council had backed a 100 basis point rate cut instead of the 75 basis point cut that eventually occurred. The forint then started to fall from around 388.7 to around 389.5 in a short period of time.
The dollar rose to near the 364 level, a new three-month low for the forint.
After a fall in the afternoon, the forint recovered somewhat to below 389 against the euro only to fall again to 389.13 at 5.20 PM.
Read also:
please make a donation here
Hot news
Tourists and immigrants revitalise Budapest’s iconic region as 1/5th of shops change
Top Hungary news: Festive trains, Wizz passengers stuck in Belgium, minimum wage increase, lego tram — 21 November, 2024
Hungary stands firm on Russian energy: FM Szijjártó defends sovereignty amid EU criticism
Wizz Air flight delayed for 18 hours: Passengers stuck in Brussels airport
Official: Minimum wage in Hungary to rise in 2025
Hop on a festive train to Vienna and Zagreb’s Christmas markets with MÁV!