Forint hasn't been this strong in over a month.

The forint rose to an exchange rate not seen since the end of February on Friday, and one euro was selling for less than 390 in the early afternoon. The last time the Hungarian currency was this strong was on February 27.

Forint performed well throughout the day on Friday, rising from a high of 392 to 389 with more or less stops.

This increase is surprising in light of the fact that it was revealed that the European Commission has initiated action against the Hungarian government over its special retail tax, and KSH also reported unexpectedly weak retail sales, although industrial emissions data show a slight expansion.

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