According to Tradingview data, the euro exchange rate remained just below HUF 395 at dawn on Friday. Compared to this situation, the forint began to strengthen in the morning, and at 3:30 in the afternoon, the exchange rate had already fallen below 392.
The last time the forint was very strong against the euro was on June 8, two months ago.
After that, however, the situation worsened a bit, as the euro exchange rate actually rebounded to a high of 393 by three quarters to four. Despite all this, the Hungarian currency was doing well until noon on Friday.
The forint also strengthened against the dollar, and the exchange rate fell to around 380-381 in the early afternoon, also unprecedented since the beginning of July.
This is what analysts expect
The nabe Citing the opinions of analysts, he wrote that experts are optimistic about the Hungarian currency.
The technical picture continues to point to the downside, and the most serious consolidation for the forint may come in the event of a major break of the support 392.6, and in this case the next support levels will be between 389-390 and then close to 382.50
– Equilor Befektetési Zrt announced.
Meanwhile, KBC Equities writes: “The last time the euro fell below 390 HUF was at the beginning of the summer, so the current levels are strong support. Magyar Nemzeti Bank did not raise the deposit rate for one week yesterday, but it can be seen that the Hungarian currency can Keep it without it. In addition, it is positive that the dollar is also showing signs of weakness, after the positive inflation data, the exchange rate of the euro against the dollar also started to rise.” We also wrote about all this at the index in our article below.
(Cover Image: Tamás Kaszás/Index)
