Investors turned away from the Hungarian forint: here is their reason

On Wednesday, the Hungarian forint weakened against the major currencies compared to its early morning quotation in the interbank foreign exchange market. At the same time, it seemed that investors turned away from the currency: and they have a good reason.

Slightly weakening forint

The euro rose to HUF 371.19 by 8:30 PM from HUF 370.27 early in the morning. The dollar was quoted at HUF 339.90, up from HUF 338.11 in the morning. The Swiss franc was at HUF 379.33 after HUF 378.16 earlier, napi.hu reports.

The Hungarian forint weakened by 0.2 percent against the euro, 0.5 percent against the dollar and 0.3 percent against the Swiss franc.

Taking profits ahead of US inflation data

According to currency market experts, investors are taking profits from the region’s currencies ahead of the release of US inflation data on Friday.

Since the start of the year, the Hungarian currency has strengthened against all three currencies, gaining 7.1 percent against the euro, 8.7 percent against the dollar and 6 percent against the Swiss franc.