The forint is gaining strength against the euro after the slump yesterday and the day before, but we don’t see much movement. The euro is trading at HUF 394.10 this morning, up 0.1%. The forint has barely moved against the euro in the past few days, and so far there has been little movement today.
The dollar is slightly weaker against the euro, we see a 0.1% weakness in the dollar today. The forint is up 0.2% against the dollar this morning, trading at 354 forints, 30 fils to the dollar.
Today, the Federal Reserve’s interest rate decision is to be watched. The US central bank will release its interest rate decision announcement at 8:00 PM Hungarian time, and Chairman Jerome Powell will hold a press conference at 9:30 PM. At this event, the central bank is expected to cut rates, but the big question is whether it will be a 25 or 50 basis point move. Markets are likely to expect the latter. US interest rate expectations are crucial for global markets, so it doesn’t matter what message the Fed will send regarding future rate cuts.
Cover image is an illustration. Cover image source: Getty Images
