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In addition to the Hungarian economy, the outlook for the forint can also be discussed at the Budapest Economic Forum conference on October 8.
The forint was at 362.5 against the euro on Tuesday morning, which was a 0.1 percent weakness against the Hungarian currency compared to Monday night. Yesterday we saw a significant weakening of the forint market, compared to 360 in the morning, the price was at 363.5 in the afternoon, and then the forint embellished a bit from there. Today, the MNB’s interest rate decision may determine the mood in the forint market, as the central bank will have to decide between inflation and the weakening economy, and the latest GDP and inflation forecasts will arrive. Depending on the central bank’s decisions, the guilder exchange rate will be worth watching in the early afternoon. We went against the dollar at 308.42 in the morning, while the British pound was at 394.65 guilders.
Forint competitors also suffered yesterday, it was clearly a deterioration in international sentiment. Furthermore, the Czech crown weakened by more than 1 percent. On Tuesday morning, both the Polish zloty and the Czech koruna began to weaken further against the euro. In emerging markets, the Turkish lira began to weaken 0.2 percent against the dollar, while the South African rand slightly depreciated.
We already mentioned yesterday the strengthening of the dollar, which will continue this morning for the moment. The euro-dollar price is around 1.1754, 0.1 percent less than last night. Meanwhile, the Japanese yen began to appreciate slightly against the dollar, while the British pound weakened 0.2 percent.
Cover image: Getty Images
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