Hungarian Forint Foreign Exchange


Intervention of Japan has weakened safe haven currencies

Published on August 4, 2011 by   ·   No Comments
Budapest, Hungary

Wednesday afternoon the Swiss franc has recovered the sudden loss caused by the announcement of the Swiss National Bank on their intention to cut interest rates. But exciting news arrived from Japan today: the Bank of Japan intervened to weaken the yen this morning. This action stopped appreciation of safe haven currencies like the Swiss franc and the yen. The Japanese yen dropped 3% versus the US dollar. As a result of global market trends, the Hungarian forint has also gained versus the franc, the CHF/HUF rate is currently around 246, 7 forint less than the all-time high hit yesterday.

The US dollar firmed against the euro, this is reflected in a slight appreciation of the dollar versus the forint. Major fluctuations have not been visible in the euro – forint rate, it has stayed around 271.

PSZAF, the Hungarian Financial Supervising Authority has launched an online calculator to help household mortgage holders find out how much their monthly installments would change if they signed up for a government scheme fixing the exchange rate of the Swiss franc.

Latest Hungarian Forint Foreign Exchange Rates

On currency markets, one Swiss franc bought 245.73 Hungarian forints, while a UK pound sterling currently exchanges 312.62, a euro 271.99, and one US dollar 191.16.

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