HUF vs. EUR: Yet Another Historic Low for the Forint

The Hungarian currency, the Forint (HUF) fell to a historic low against the euro again on Monday: after 10 a.m., it suddenly started to weaken sharply from the morning level of around HUF 400, and shortly after a quarter to 11, it was HUF 403.85 to the euro.

Minutes later, however, it crossed the HUF 404 level and reached a new low of HUF 404.76. This means that the forint weakened by more than 1% against the euro in just over an hour. From there, however, the exchange rate returned to levels below HUF 404, with the euro trading at HUF 403.3-403.5.

The US dollar rose by 0.8% to HUF 381.8, while the British pound crossed the HUF 470 level.

The financial Portfolio.hu noted that the Forint is once again underperforming on the currency markets compared to other currencies in the region, as the Polish złoty weakened by only 0.1%, while the Czech koruna is stagnating.

Experts uphold their view that it was a series of economic policy measures taken by the Hungarian government that led the euro to reach – and now stay at – the HUF 400 level.