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The forint strengthened further on Tuesday night

The forint was hovering around the euro against the euro this morning, a 0.2 per cent rise in terms of the Hungarian currency over Monday night. Yesterday, the forint moved more towards weakening, and now it seems that this weakening has stopped around 375. Thus, another turn may come, the Hungarian currency can test the psychological level around 370 again. Thus, the trend seen in recent days that the forint fluctuates in the narrow range of 370-375 has remained. Of course, this does not mean that it cannot break out of here, but it is expected to require a stronger impetus, especially in the context of the Russian-Ukrainian war. If, for example, a breakthrough were to be achieved in the peace talks in Istanbul today, the forint could return to 370. We are now at 340.6 against the dollar, while the British pound costs 446.4 forints.

Among the forint’s closest competitors, the Polish zloty started the day with a minimal weakening and the Czech koruna strengthened by 0.1 per cent against the euro. In the emerging market, the Turkish lira started to depreciate minimally against the dollar, while the Russian ruble started the day with a further 1.5% appreciation.

The dollar is hovering around 1.10 against the euro for the time being, with a slight weakening against the U.S. currency this morning. In the longer term, most investors continue to expect the dollar to strengthen, due to the interest rate differential between the two central banks and the role of the dollar as a haven. The Japanese yen started the day strengthening 0.4%, while the British pound strengthened 0.1% against the dollar.

Cover image: Getty Images

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