The Hungarian forint is being tugged, beaten, kicked, but it’s holding on

On Tuesday, the Hungarian forint strengthened to 389 against the euro. Then, after a temporary fall on Wednesday morning, it strengthened further to around 388. That was a key level, so this gives us hope that the strengthening trend may remain.

In the morning, the Hungarian forint was trading at 392 against the euro. This was equivalent to an intra-day fall of 0.8 percent, Portfolio reports.

The forint turned around above 392.2, then came down to 390.6. The Hungarian currency finally stabilised above 391 around 10.15 AM. The volatility is particularly high, as the forint is able to move through a wide range in a short period of time.

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However, the morning’s fall in the forint proved to be temporary. The currency was able to gain strength against the euro around noon, even stronger than in the morning. Quotes were also slightly below 388 on the interbank market, the Hungarian economic news portal writes.

The USD/HUF exchange rate was at 359.60 at half past noon.