On Friday currency traders sold the euro on news that the reserve set aside for financial crises may not be sufficient to finance the second bailout package for Greece. As a result, the Swiss franc hit a new all-time high versus the euro. The sudden depreciation of the euro triggered the depreciation of the Hungarian forint, thus a record all-time high CHF/HUF rate. One Swiss franc bought more than 238 forints on Friday,
The trend has turned on the news from the United states. President Barack Obama on Sunday said that an agreement has been reached to lift the U.S. debt ceiling and reduce the federal deficit. The successful conclusion of the debt talks was welcomed by financial markets worldwide. As overall risk sentiment improved, safe heaven currencies, such as the Swiss franc have weakened.
The Hungarian forint has been positively affected by improving market sentiment. The recovery has been reflected in a drop in the CHF/HUF rate and in firming against other major currencies as well. While the forint is still relatively weak against the Swiss franc, it gained significantly against the euro, the exchange rates sank from 270 to 267.70. The US dollar made only temporary gains versus the euro and the forint. By now the forint has gathered strength against the US dolar.
Latest Hungarian Forint Foreign Exchange Rates
On currency markets, one Swiss franc bought 236.91 Hungarian forints, while a UK pound sterling currently exchanges 304.36, a euro 267.70, and one US dollar 185.59.