The Hungarian forint rose to a 15-month peak vs. the euro on Wednesday morning in a climate of general optimism in the currency market. The forint reached its current strength as a result of a slow but persistent firming trend; the currency hit a new peak on Wednesday morning's better-than-projected March inflation report in Hungary.
11:07 a.m. More firming!
Further strengthening was witnessed in the forint market at 11 a.m., with EUR/HUF quotes occasionally bobbing below the 297 mark - 0.5% intraday gain for the Hungarian currency.
9:02 a.m. A new year-to-date peak
News of stronger-than-expected CPI in Hungary gave a further boost to the national currency, which rose to a 15-month peak at 297.5 vs. the euro. The EUR/HUF trend has been also paralleled in relation to other key currencies; the forint gained 0.7% vs. the US dollar, and 0.44% vs. the Swiss franc so far on Wednesday.
8:55 a.m. Hungary forint just inches from a new peak
The EUR/HUF rate plunged below 298 at some points this morning, within a few hundredths of a unit away from a new peak. That is, the current strength of the forint is on a par with the level last witnessed in January 2014 - as long as 15 months ago. On the other hand, this performance is the result of a very slow, protracted progress; the EUR/HUF rate was only 0.25% higher a week ago than it is now, and gains from a month ago are a moderate 2.5%.
As clearly visible in the weekly chart, the forint has undergone very steady, persistent firming so far in 2015, recovering from a historic low on 15th January caused by the Swiss currency shock. It does not seem as if the rebound of the forint has already had pegged out.
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