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Forint Weakens In Anticipation Of Hungary's Rating Review

HUF

EUR/HUF has advanced from the off, with the forint sitting at the bottom of the EMEA pile, ahead of the review of Hungary's credit rating by Moody's. The update is expected to be published after trading hours today. The pair last deals at 383.12, up 2.88 fig. on the day, with bulls looking for a sustained break above 384.71, the Aug 24 high.

  • The rating review comes amid lingering concerns over a potential cut to the outlook or rating itself amid poor macroeconomic data coming out of Hungary recently, with today's final Q2 GDP report confirming the nation's longest recession on record. Bloomberg reports that "Moody's has not published a report on Hungary since 2021; the agency passed on a review in March this year as well."
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