Breaking News: Hungarian forint is at an all-time low against both the euro and the dollar
The forint (HUF), the Hungarian currency is plummeting, with the dollar and the euro at record highs.
EURO
There is bad sentiment in the markets and this is unlikely to help the forint. The Hungarian currency was near a historic low against the euro at the open, with the cross above 425.
As we wrote earlier, the historic low against the euro was set last Monday, when the euro rose to 426.091.
This morning, that level was broken, with the cross rate jumping to 426.669, and given the steep fall in the forint, the forint could weaken further today. At a quarter to 11 the price jumped to over 427 forints.
USD
The dollar was already above 437 forints after the opening on Monday morning, a new historic low, but according to Google Finance, the price had already exceeded 440.6 forints by around a quarter to eleven.
The Swiss franc has risen to 440 forints, with the historical record at 444.917, not quite 5 forints higher.
“The forint could hit a new low. The sentiment on the domestic currency market is not improving, with a good chance that both the euro-forint and the dollar-forint will set new historical records in today’s trading. The former is at 425.87 and the latter at 437.18. Last week was not about the strengthening of the forint either, as the EURHUF exchange rate continues to hover near its historic high. The forint was able to show some strength at the beginning of last week on news of the gas payment deferral, but this strength quickly faded. The EURHUF is still trading at 424 forints, while the dollar is showing no signs of weakening, so the Hungarian currency faces a difficult task in this environment,”
Equilor brokerage said this morning to napi.hu.
Source: MTI
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1 Comment
Hungary – talk is AGAIN, the ink is near drying, that INTEREST Rates again could rise, by the end of this week, under “Special ” orders from the Victor Orban led Government, due to the collapse of the forint, on the domestic and international currency market.
Hungary – was “put on notice” – by Respected Global Experts in Currency Exchange, that the TREND of the Hungarian Economy back near 6 months, gave ALL indications that sustainability of Interest Rates was NOT going to EXIST, in Hungary.
Hungary – the rapidness in the decline of the Economy, this article adds to the FACTUAL state – of the declining Hungarian Economy, the estimates/opinions given, going back near 6 months, that by Christmas 2022, that Interest Rates could be 20%.
WHAT is going to Sustain the Hungarian Economy ?
What is going to Stabilize the Hungarian Economy ?
Hungary – we are on a SLIDE, that is rapidly gaining momentum, that is a Nadir, that what, when we reach the bottom of the SLIDE, what will be there ?