The power is gone
By Friday evening, the forint lost its strength again, the euro is now quoted at around 374.3, which means a 0.15% weakening compared to Thursday evening.
Development of the EUR/HUF exchange rate
At a level not seen since the beginning of July
By Friday afternoon, the forint strengthened to 373.55, the last time the euro was lower than this was on July 3, so the forint soared even further after last week’s ugly fall. We wrote about the technical levels worth paying attention to in the case of EURHUF and USDHUF in this afternoon’s technical analysis.
Development of the EUR/HUF exchange rate
Against the dollar, we are around 332.6, which is
it is the lowest since April of last year, so the turnaround that took place in a few days is quite spectacular even based on the graph.
Development of the USD/HUF exchange rate
Yesterday and today, mainly the weakening of the American currency helped the forint, the euro-dollar exchange rate is already well above 1.12, we haven’t seen it higher than this since last February.
Development of the EUR/USD exchange rate
The forint is persistently strong after the huge turnaround
The EURUSD continues to waver above 1.12, so the dollar is suffering, and this helped the forint quickly start to recover from the morning’s falling wave and is once again around 374 against the euro, and close to 333 against the dollar.
Development of the EUR/USD exchange rate
Development of the EUR/HUF exchange rate
Development of the USD/HUF exchange rate
The forint was frozen by Friday
After the slight weakening in the morning, the weekend broke out on the foreign exchange market, the exchange rate of the forint shows only minimal movements.
Development of the EUR/HUF exchange rate
The day starts with weakness
The forint weakened against the euro from around 373.5 in the morning to over 375. This is the first time this week that the domestic currency is starting the day with a weakening. The slightly more cautious international mood was sufficient for this movement, as well as the fact that the weakening of the dollar stopped for the time being on the foreign exchange market.
Development of the EUR/HUF exchange rate
The forint is on an amazing march, but it may stop now
The lower-than-expected US inflation data on Wednesday caused a massive weakening of the dollar worldwide, the euro/dollar jumped from 1.1020 to close to 1.1250 this morning, and since then there has been a small correction from this. By the way, the euro jumped to a more than one-year high, and the exchange rate easily crossed the 100-week moving average, but the intensity of the rise can already be considered excessive on the daily and weekly graphs based on the RSI indicator.
The serious weakening of the dollar and the strengthening of risk appetite also benefited the forint, which suffered a big fall last week, as it was still around 389 against the euro last Friday, but this week it produced a serious strengthening. This was enhanced by the American data, so yesterday and this morning the exchange rate was already around 374, i.e. the forint has completely finished the intense falling phase of last week. Then, in this morning’s trading, you can see some rebalancing here as well, the exchange rate rose back to around 375.
The decline of the dollar and the advance of the forint together caused even more drastic changes in the dollar/forint quotations, which even turned around at 357 last Friday, but fell to 332.5-333 this morning, i.e. we could talk about a new one-year forint peak. Then, in the last hour, the slight strengthening of the dollar and the weakening of the forint brought the exchange rate back up to 334.5.
Today, after the already published weak Hungarian construction industry data, at 11 a.m. the EU foreign trade data and the European Commission’s fresh economic forecasts will come, and at 4 p.m. the consumer confidence index of the University of Michigan.
Cover image source: Shutterstock
