Hungary’s forint broke psychological barrier

Hungary’s national currency, the forint is on a two-month peak by breaking a crucial psychological barrier yesterday.

According to Világgazdaság, an economy-focused Hungarian online news outlet, the positive October US employment data helped the Hungarian forint break a new psychological barrier. That is because the American Fed is not expected to continue to raise interest rates.

The last time the euro-forint exchange rate was below 380 was in end-August. Currently, it stands at 379.98. On Friday morning, that rate was around 382.

A senior analyst of Equilor Investment Ltd, Zoltán Varga, said provided the forint strengthening remains, the next barrier would be at 377.2. In the case of the USD, the next barrier will be at 351.86. Currently, 1 USD costs 353.77 forints.

We wrote HERE that even a HUF 700/l fuel price is imaginable from next January because the government increases the excise tax on those products following an EU direction. Meanwhile, we wrote HERE about a possible minimum wage rise in Hungary in 2023.