Hungarian forint fell sharply in the last few days, but today there is hope

The euro was at 388.29 Hungarian forints yesterday evening at 6pm, up from 386.24 forints early in the morning, while the dollar was at 360.61 forints, up from 358.88 forints, and the Swiss franc was at 413.07 forints, up from 412.69 forints.

At Wednesday evening’s close, the forint was 1.3 percent weaker against the euro, 3.8 percent weaker against the dollar and 0.1 percent weaker against the Swiss franc than at the start of the year.

After falling on Monday, the Hungarian forint started to fall again on Wednesday morning, intensifying on news that the European Commission has launched infringement proceedings against Hungary over its sovereignty protection law. Details here: EC to launch infringement procedure against Hungary. By early afternoon, the euro had jumped to 389 and the dollar to 361, and we were close to a new multi-month low for the forint in both currency pairs.