Hungary’s forint has failed to make a meaningful correction versus the euro on Tuesday morning, and so it starts the day slightly north of 325. The forint reached its weakest level against the euro in January 2015 at 327.60, and if another sell-off wave hits in the coming days this record might be broken.
Forint still woozy - 14:55The forint was unable to create distance from 326 versus the euro on Tuesday, either.
HUF keeps flirting with record lows - 08:18
EUR/HUF kicks off today’s session at 325.34, which marks an 0.1% HUF firming compared to the closing level on Monday when the HUF depreciated to around 326.30. An ever larger number of analysts believe that the forint could reach new record lows in the coming days or weeks.
Over the last few days, the HUF has been testing the psychologically important level at 280 against the US dollar. The cross is currently slightly below 278 as the forint managed to firm marginally.
As regards the regional peers of the forint, both Poland’s zloty and the Czech koruna appreciated slightly today, while on emerging markets, Russia’s rouble gained 0.2% versus the USD, Turkey’s lira strengthened 0.1% and South Africa’s rand firmed 0.2%.
The euro started to appreciate to the USD on Monday and it is back at around 1.17. The trend continues on Tuesday and the cross is north of 1.17 already. Meanwhile, the JPY appreciated 0.1% versus the USD, while the GBP is flat.
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