The Hungarian Forint is trending southwards versus the US Dollar in early trade on Thursday as risk sentiments edges lower. At 09:30 UTC, USD/HUF is trading at 325.88, towards the upper end of the daily range. Investors are looking nervously towards the release of US initial jobless claims.

The Forint closed the previous session 1.7% higher versus the US Dollar at 324.38 in a strong risk on session following the agreement of a $2 trillion fiscal stimulus package to prop up the US economy.

Risk Sentiment Declines Dragging Forint Lower

Data being released across the globe is starting to show the devastating impact that coronavirus is having on global economies. Overnight Singapore revealed that its GDP contracted by an eye watering 10.6% quarter on quarter, the deepest contraction since the first quarter of 2009 in the global financial crisis.

The data comes after the IMF warned that the coronavirus pandemic will cause a recession in 2020 as bad as the global financial crisis 11 years ago.

Adding to the bad news German GFK consumer confidence plunged to just 2.7 in April down from 8.3 in March. The data shows the enormous impact that the coronavirus outbreak and subsequent lock down is having on consumer sentiment.

As the shocking data starts to pour in investors are once again moving out of riskier assets and currencies such as the Hungarian Forint.

Record Jobless Claims Expected

Whilst the US Dollar is advancing versus the Forint, it is trading broadly lower versus its major peers as investors look ahead to the release of US initial jobless claims later today. Analysts are expecting initial jobless claims to have surged to between 1 million to 4 million. This is up significantly from 281,000 last week and 211,000 the week before. To put further perspective on this number the highest number of jobless claims ever recorded was 695,000 in 1982 followed by 665,000 claims in March 2009, the financial crisis.

The record number in initial jobless claims comes as businesses in the service sector and non-essential manufacturers close to prevent the spread of coronavirus. Staff have been laid off to control costs. 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.