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On Thursday morning, the forint was around 362.9 against the euro, which was a 0.15 percent strengthening in terms of the Hungarian currency. In other words, the forint seems to be trying to get even stronger after yesterday’s strong performance. Today’s mood can be determined primarily by MNB’s week-long deposit bid. The central bank last week raised the instrument’s interest rate by 15 basis points to 0.75%, which was practically equivalent to a monetary tightening, since the one-week deposit is currently the effective instrument. Investors are primarily looking at the question of whether the central bank will tighten up more today. The Hungarian currency is now around 309 against the dollar, while the British pound costs 400 guilders.
Among the forint’s competitors, the Polish zloty strengthened by 0.1% and the Czech koruna by 0.3% against the euro, meaning the environment is good elsewhere. In the emerging market, the Turkish lira opened the day with an appreciation of 0.7% against the dollar, while the South African rand showed an improvement of 0.9%.
The euro is also trying to strengthen against the dollar, in part this is what is helping emerging market currencies this morning. The current price of around 1,175 is 0.25% higher than yesterday. The Japanese yen, on the other hand, began to stagnate and the British pound to appreciate 0.2% against the dollar.
Cover image: Getty Images
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