Connect with us

Hi, what are you looking for?

World

The forint is starting to weaken rapidly.

The forint is starting to weaken rapidly.

The euro hit a one-year high against the dollar on Wednesday afternoon at around 1.1210, after which it made a sharp turnaround, dropping to 1.1130 in a short period of time for no apparent reason. The move was likely driven by buy/sell positions ahead of the New York Fed’s conference speech on Thursday, as investors anticipate that the Fed’s 50 basis point rate cut last week will be followed by further cuts at a slower pace.

Fed Chairman Jerome Powell will also speak at around 3:20 p.m. Hungarian time, but before that, at 3:30 p.m., new weekly jobless claims, durable goods orders inventory, revised GDP and revised PCE will be released. This morning, the EUR/USD exchange rate was around 1.1150, meaning that the euro was barely able to strengthen again.

Currency pairs, indices, commodities, stocks, CFDs. Everything that makes a trader's heart beat in relation to exchange rate volatility. Wallet trader

The forint also felt some change in the dollar on Wednesday afternoon: it fell to a two-week low against the euro at around 395.5, and is still trading this morning around 395.3, and against the dollar the exchange rate rose to 355.5 and is now 354 and has fallen to 0.5.

Currency pairs, indices, commodities, stocks, CFDs. Everything that makes a trader's heart beat in relation to exchange rate volatility. Wallet trader
Currency pairs, indices, commodities, stocks, CFDs. Everything that makes a trader's heart beat in relation to exchange rate volatility. Wallet trader

Cover image is an illustration. Cover image source: Getty Images

See also  Index - Homeland - Tamas Mintzer discovered what democracy looks like in Sweden

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Top News

In a harrowing incident that has shaken the community of Lewiston, Maine, a series of shootings on Wednesday evening resulted in a tragic loss...

Top News

President Joe Biden’s abrupt departure from a speech on the U.S. economy at the White House on Monday sent a ripple of speculation and...

Top News

Given the differences in styles with next-generation consoles, the so-called “console war” between Sony and Microsoft is arguably moot. Most console players, however, will...

World

Chinese scientists have discovered a little-known type of ore containing a rare earth metal highly sought after for its superconducting properties. The ore, called...

Copyright © 2024 Campus Lately.