The forint was at 369.14 against the euro on Tuesday morning, a minimal shift from Monday night. The Hungarian currency strengthened below 370 last week, but there are signs that there is already “high air” for the forint, ie it cannot hold on significantly. We can still see this, the Hungarian currency soon corrected to around the psychological level. Sunday’s parliamentary election has so far had no significant market impact, with investors barely reacting after Fidesz’s surprising victory. The exchange rate continues to be driven mainly by the news of the war, and now tensions seem to be escalating again, precisely because of possible new European sanctions and charges of genocide. We are now at 336.46 against the dollar, while the British pound costs 441.85 forints.
Among the forint’s closest competitors, the Polish zloty and the Czech koruna also started the day with a minimal shift against the euro. In the emerging market, the Turkish lira showed minimal weakening against the dollar in the morning, while the Russian ruble also moved minimally.
The dollar has rebounded below 1.10 against the euro in recent days, now hovering around 1.0978, almost a hair’s breadth from Monday night. The Japanese yen strengthened 0.2% against the U.S. currency, while the British pound also showed minimal improvement.
Cover image: Getty Images
–
