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.

Thursday morning

There were some minor fluctuations in the forint on Thursday morning, but there is no clear direction of trading for now, with the euro at around 388 Hungarian forints, as it was yesterday evening.

There will be no foreseeable event today that will have a significant market-moving force, with both domestic and international economic calendars empty, portfolio writes.

Forint and zloty

It points out that exchange rate movements against our regional currency pair, the Polish zloty, could plunge to a new historic low, with a slightly weaker exchange rate than the current level only seen in the second half of 2022.

Will the Hungarian National Bank withdraw the lowest forint coins because it is no longer worth producing them? Will they introduce HUF 50,000 and 100,000 banknotes due to the high inflation? Here are the answers.