From 418 EUR/HUF to 405 in a week – what happened?

On Monday morning, we were still paying HUF 418 for a euro. But then, the Hungarian currency accelerated on the news of the Brussels agreement. By Friday evening, the EUR/HUF was already at 405. It even hit a four-month high against the dollar after the US currency faltered on news of inflation figures.

The forint did very well this week

The agreement between Hungary and Brussels was reached on Monday evening. The decision was good for the forint, which strengthened significantly after the announcement. By 8:30 AM on Tuesday, the euro was trading at 410 forints.

That was a significant improvement for the Hungarian currency, which had started trading at 418 a day earlier. The forint strengthened further on Wednesday, but after some fluctuations on Thursday, the upward momentum slowed down and the forint closed close to 405 against the euro on Friday.

After the Brussels agreement, the Hungarian currency started to soar, Index writes. The big decision came on Monday night, when the Czech government, which holds the rotating presidency of the European Union, announced that they had found a solution to the issues blocked by Hungary in exchange for approving the agreements that apply to us.