The forint seems unstoppable after MNB raises interest rates

The forint seems unstoppable after MNB raises interest rates

The forint was around 349 against the euro on Wednesday morning, which means a 0.3% strengthening for the forint compared to Tuesday evening. Yesterday was a mixed day for the forint, as it weakened for the first time against the euro despite the rate hike from MNB, and then when the central bank management started its press conference, the mood changed dramatically and the Hungarian currency strengthened sharply. Due to this, the fortnite can attack the level of 350 keys again. The boost around 345 stopped a few weeks ago, which means there is still room to break psychological boundaries. We are now at 293.4 against the dollar, while the British pound is at 409.1 forints.

The forint competitors are starting their day with a slack at the moment, the Polish zloty and the Czech koruna barely moving. In emerging markets, the Turkish lira gained 0.3% against the dollar, while the South African rand also started to rise in the morning.

Tuesday’s congressional hearing brought Fed Chair Jerome Powell a slight weakness in the dollar, as the central bank chief barely changed any of the key messages last week, continuing to emphasize a strong economic recovery and consistently low inflation. The note was around 1.1935 on Wednesday morning, which means little change. The Japanese yen fell 0.2% against the dollar, while the British pound strengthened to the minimum.

Cover Photo: Getty Images

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