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The forint continues to fall: the euro is above 415

The forint continues to fall: the euro is above 415
The forint continues to fall: the euro is above 415

The forint continues to be hit: it has weakened by over 1 percent, one euro costs 415 forints.

This means that the forint fell to a monthly low against the euro.

The Hungarian currency has been stuck in the 400-410 band for weeks, and according to the signs, we have just passed the upper value of this band. Portfolio sees that the market is slowly digesting yesterday’s news about the suspension of part of the EU funds, since yesterday’s weakening only really accelerated today.

International news does not support the weakening of the forint, so the exchange rate is clearly driven by domestic factors, and certainly EU news.

The euro already fell below HUF 410 on Wednesday, after news emerged that the European Commission continues to recommend the suspension of Hungarian funds due to concerns about the rule of law.

Citing sources close to the committee, the Frankfurter Allgemeine Zeitung wrote that they may propose freezing 3,000 billion, as they are dissatisfied with the fulfillment of the 17 anti-corruption and public procurement commitments made by the Hungarian government. The German newspaper’s information roughly corresponds to what Népszava also wrote today.


The article is in Hungarian

Hungary

Tags: forint continues fall euro

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