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The forint was at 359.25 against the euro on Tuesday morning, which meant minimal weakening of the Hungarian currency compared to Monday night’s level. The forint weakened noticeably yesterday, even underperforming in a relatively good international environment after a Hungarian government representative vetoed the new EU budget and recovery fund for the corona virus. In the coming days, it may be worth paying attention mainly to the European debates, the heads of state and government will hold a video conference on Thursday, then the situation may be clarified after the vetoes of Hungary and Poland. The Monetary Council of the MNB will hold its interest rate decision meeting in the afternoon in Hungary. The forint is now close to 303 against the dollar, while the British pound is now at 400.55.
Among the forint’s competitors, the Polish zloty appears to underperform today, starting the day with a 0.2 percent weakness, while the Czech koruna is stagnant against the euro. In the emerging market, the Turkish lira weakened 0.3 percent against the dollar this morning after rebounding in recent days, while the South African rand barely moved.
The budget veto had little effect on the euro exchange rate, with the dollar hovering around 1.186 on Tuesday morning, a minimal increase from yesterday. The Japanese yen barely moved against the dollar, while the British pound began to strengthen 0.2 percent.
Cover image: Getty Images
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