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The prospects for the Hungarian economy and the forint will also be discussed at the Budapest Economic Forum conference.
The forint will start the day at 366 against the euro on Thursday morning, which is 0.2 percent higher than last night’s exchange rate. The Hungarian currency has fallen sharply again in recent days, bringing it closer to the all-time low for spring. On the one hand, general market sentiment plays a role in this, and on the other hand, the MNB messages on Tuesday did not seem convincing enough to investors either. But the historic low point of the forint is worth a look!
On April 1, the euro-guilder exchange rate set a new record at 369.6, that is, it can be considered the peak. However, you may want to see another chart:
From this you can see that the exchange rate peaked only with more or less punctures, it was very rare above 365, and now it managed to close even above yesterday. This is not good news for the forint, if the market is determined enough it may hit a new low for the Hungarian currency in a few days.
Against the dollar, we are at 313.9 this morning, while the British pound will cost 398.7 guilders. In the next period, it may be worth paying attention to the dollar, as the strengthening of the US currency is also not good for the forint.
Regional currencies have also weakened in recent days due to deteriorating international sentiment, with the Polish zloty and the Czech koruna starting to decline more moderately this morning. In the emerging market, the Turkish lira fell 0.2 percent against the dollar and the South African rand began to fall 0.7 percent.
We have already mentioned that the dollar exchange rate may also be a key factor, the US currency is still cautiously clinging to the euro this morning, the price is slowly approaching 1.165. The Japanese yen will start the day with a minimal appreciation, while the British pound will weaken 0.25% against the dollar.
Cover image: Getty Images
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