BREAKING: Euro/forint exchange surpasses 400
The forint traded at 398.68 to the euro around 10:00 in the morning on Wednesday, softening from 398.08 late Tuesday. At 1 PM on Wednesday, the exchange rate was even closer to 400, hovering over 399.43.
According to Portfolio, current trends suggest it’s only a matter of time before the EUR/HUF exchange rate exceeds the critical psychological threshold of 400. The Hungarian currency has weakened by more than 5 units against the euro in just one week, causing the EUR/HUF rate to rise to levels not seen since early August, approaching 400.
The article also highlights a shift in the dollar-forint exchange rate, which could place further pressure on Hungary’s currency in the coming days.
Economists predict that the euro could soon surpass HUF 400.
On Wednesday morning, the forint slipped to 360.23 from 359.73 against the dollar. It weakened to 426.05 from 425.31 to the Swiss franc
UPDATE: EUR/HUF reaches 400
The Hungarian currency has fallen, with the euro above 400 forints at 3.18 PM on Wednesday. The exchange rate hasn’t been this weak since March, and according to Economx, there is no rationale for a forint rise now.
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A matter of time was a few hours after this story was published. It went above 400 forints per euro. It’s a psychological number for Hungarians but the long-term drift has always been a depreciation of the forint with occasional reversals. The problem with forint depreciation is that it inflates the price of imports which feeds through the rest of the economy.
We have been awy, out of Budapest, Hungary – District 5, from 9th September to 30th September.
Austria, Italy and Germany – we visited in those 21 days.
Astounding in those 21 days – we shop at the Grand Market, Aldi, Lidl and SPA – predominantly for our “day to day” NEED’S and the PRICE increase across the board in those 21 days – MINDBOGGLING and quite Astounding or HORRIFYING in FACT.
Butter, Coffee just to name (2) items – EXPLODED.
That 27% Vat – the “collapsing” Forint – spells growing DISASTER’s.
Larry’s comments – CONCUR.
The FORINT is a SITTING Duck to be SMASHED in valuation as there is NO Economic nor Financial reason(s) – for it to hold a level of SUSTAINABILY.
Hungarians – you have been “Put on Notice” repeatedly – the VULNURABILITY of the Forint, and factor(s) why it will be SMASHED – it’s WORTH decimated.
Mihaly Varga – the “Dud” – Minister of Finance – what a HUMILIATING “curriculum vitae” – he builds on, that is an EMBARRASSMENT.
Varga and Orban – from “Learned” Brains prior to the outbreak of the RAVAGE of the Corona Virus on Hungary – Varga and Orban “firmly” told the PATH that they had sent Hungary on, was HIGH Risk, that in the event of “unforeseen” circumstances, the Economic & Financial risk to Hungary was GARGANTUAN or High Risk.
I “Rest my Case”.
Varga / Orban, – the Fidesz Government continue to “bear witness” that see’s then as a Government, with an Economy, it’s currency in TATTERS.
It ALL will WORSEN.
The DOCTERED representation of INFLATION in Hungary, through the government manipulation – HEINOUS.
Inflation – and PRICE Rises in Hungary = RAMPANT and will continue up-wards.
“There is no rationale for a forint rise now”. Stupid Economx! They should listen to our Politicians!
https://dailynewshungary.com/orban-cabinet-secretary-about-gdp-growth/
Land of Milk, Honey and Prancing Unicorns! Just around the corner…
https://www.youtube.com/watch?v=6PtdpI-D6mM