The Hungarian forint is on the rise on Friday, extending gains after snapping a 6-session losing streak in the previous session. In a rare show of strength, the Hungarian forint pulled off all time lows and pushed 0.4% higher versus the US dollar on Thursday and a further 0.5% higher so far this morning. The US dollar forint exchange rate is trading at 309.76 at 09:30 GMT, down from the all time high of 313. 04.

Hungarian Forint

The forint is advancing following the release of Hungarian GDP data. Data revealed that the Hungarian economy grew 1% quarter on quarter. This was ahead of the consensus estimate of 0.8% but a touch behind the 1.1% growth recorded in the previous quarter. On a yearly basis GDP grew 4.5%, above forecasts of 4.2%.

The data comes less than 24 hours after the European Commission raised its projection for Hungary’s GDP growth to 3.2%, up from 2.8% as the business cycle matures. The EC foresees a deceleration in investment growth and a slowing labour market which could put pressure on wages and household consumption. The EC’s forecast is well below the government’s 4% growth projection.

US dollar

Dollar investors are looking ahead to several influential US data release later in the session. These include retail sales, industrial production and consumer confidence.

Recent macro data from the US has revealed the US economy to be on a steady footing. Federal Reserve Chair Jerome Powell also reiterated this week that he considers monetary policy to be appropriate at its current level.

In the previous session, data showed that US inflation increased at the lowest monthly rate in four months. Inflation edged 0.1% higher month on month in January, below the 0.2% forecast. However, on an annual basis inflation crept up to 2.5%, up from 2.3%, ahead of the Fed’s 2% target.

Even so, the Fed’s preferred measure of inflation, the PCE, is still only 1.6% higher year on year. This means the Fed are unlikely to hike rates. Even more so given that the economic impact of coronavirus is still so unclear. is a news site only and not a currency trading platform. is a site operated by TransferWise Inc. (“We”, “Us”), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on do not represent our views.