Market sentiment is impacted by deepening concerns surrounding the US debt ceiling debate. Investor’s focus stays on the debt talks in the US that have still not reached a conclusion. The U.S. House of Representatives postponed the Thursday night vote on John Boehner’s plan to raise the federal borrowing limit, after he failed to stem a revolt by his conservative party members.
Due to a lack of investor confidence worldwide, safe haven currencies remain extremely strong. Risk aversion resulted in firming of the Swiss franc. The Hungarian forint lost value compared to the franc, the CHF/HUF rate has risen above 236 this morning.
Appreciation of the Swiss franc is also related to Italian Economy Minister Giulio Tremonti’s alleged resignation plans, who is considered as a champion of fiscal restraint. This plan has put Italian markets under pressure and shook the strength of the euro. In addition to this, Moody’s have announced plans to review the rating of Spain’s sovereign debt.
The forint holds up well against the other major currencies. Central European regional currencies, like the Hungarian forint, are likely to follow euro-dollar moves.
Latest Hungarian Forint Foreign Exchange Rates
On currency markets, one Swiss franc bought 236.22 Hungarian forints, while a UK pound sterling currently exchanges 307.97, a euro 270.15, and one US dollar 189.26.