Hungarian forint losing its value again, here is why
Yesterday was not the luckiest day for the Hungarian forint and those Hungarians who receive their monthly salary in forint. The national currency has been strengthening for weeks, reaching even a miraculous 385/EUR level. However, on Monday it jumped on a roller-coaster again and hit even 395/EUR. We explain to you why below.
According to portfolio.hu, today the forint seems to perform better. Currently, it is around 392.8/EUR. But Monday was another black day for the Hungarian national currency. It lost 2 percent of its value against the euro, and this morning, it reached even 396/EUR.
Portfolio.hu argues that the reason for the relapse was that the markets “priced” positive economic news too early. Therefore, most investors speculated on the strengthening of the Hungarian forint. Furthermore, the USD strengthened considerably against the forint in the last two days.
Industrial output up by 2.0 pc in December
The output of Hungary’s industrial sector rose by an annual 2.0 percent in December, picking up from 0.6 percent in the previous month, the Central Statistical Office (KSH) said on Tuesday. Adjusted for the number of workdays, of which there were two fewer in December than in the base period, output rose by 5.7 percent. KSH said output of the automotive industry, Hungary’s biggest manufacturing branch, “grew significantly”, while output fell in most other branches, including the computer, electronics and optical equipment segment and the food, beverage and tobacco segment.
KSH will release detailed data on the output of the various segments on 13 February. Month after month, output rose by a seasonally- and workday-adjusted 3.8 percent. For the full year, output climbed 5.8 percent.
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Source: MTI, portfolio.hu
1 Comment
The FORCES that will continue to PUSH down, to new LOWS against MAJOR other currencies of the forint, under the Governance – the Prime Minister of Hungary – Victor Orban and his Government, will in the nearest of time – EVENTUATE.
What – what is there in the DIMINISHING disappearing “Bag of Tricks” – driven by FALSENESS driven PROPAGANDA – what is going to – Stabilize – the ALREADY decimated Hungarian Economy?
Sustainability of HOLDING together the Hungarian Economy, that is in FREE Fall downwards – the task daily WORSENS.
WHAT – other than WE the millions of BATTLING Hungarians – that Orban can and likely be FORCED to do increasing our Taxes or contributions in some form or other – reducing FURTHER our diminishing Life Qualities – in the lives in Millions of Hungarians and growing, that come under the socioeconomic lower level of civilian living standards.
Orban – this DIVIDE in Hungary – the rich get richer and the POOR grow MASSIVELY in numbers – what is GOING to put an over URGENT end to this CARNAGE – the RAMIFICATIONS already INFLICTED in millions of Hungarians lives and GROWING.
WHAT ???