{"id":96896,"date":"2020-03-02T05:00:39","date_gmt":"2020-03-02T10:00:39","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=96896"},"modified":"2020-03-02T05:41:33","modified_gmt":"2020-03-02T10:41:33","slug":"102549-usd-huf-forint-advances-even-as-manufacturing-stagnates","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102549-usd-huf-forint-advances-even-as-manufacturing-stagnates\/","title":{"rendered":"USD\/HUF: Forint Advances Even As Manufacturing Stagnates"},"content":{"rendered":"<p>The Hungarian forint is once again trading higher versus the US dollar, as the markets open for the new week. After rallying 1.27% against the greenback in the previous week, the Hungarian forint is up a further 0.9% on Monday, although this has been more of a dollar weakness story rather than owing to any impressive fundamental changes to the Hungarian economy.<\/p>\n<p>At 09:30 UTC the forint had strengthened just shy of 1% and was trading at 303.95, as it continues to recover from record lows.<\/p>\n<h3><strong>Hungarian Manufacturing PMI at 50.1<\/strong><\/h3>\n<p>The forint was on the rise in early trade, despite manufacturing activity in Hungary almost stagnating. The Hungarian manufacturing PMI declined to just 50.1 in February. This was down from 53 in January and below expectations of 52.2. The figure 50 separates expansion from contraction.<\/p>\n<p>The data comes after last week the Hungarian Central Statistical Office confirmed Hungary\u2019s annual GDP for 2019 was unchanged at 4.5%. Whilst domestic demand offered support to the economy, net exports plunged amid easing external demand. Overall this was a reasonable performance the outlook for the economy is more uncertain owing to coronavirus and the threat that it poses via supply chain disruption. The risks are tilted to the downside.<\/p>\n<h3><strong>Dollar Remains Pressurised By Rate Cut Expectations<\/strong><\/h3>\n<p>The US dollar traded on the back foot last week and was extending those losses in early trade on Monday. Investors are almost certain that the Federal Reserve will cut interest rates at its March meeting. As the odds of a rate cut increased, the value of the dollar decreased.<\/p>\n<p>After much speculation across the previous week, Federal Reserve Chair Fed Jerome Powell hinted on Friday that the Fed stands ready to ease monetary policy to support the US economy in the face of coronavirus risk. However, he added that he thought that the US economy remained is solid shape overall.<\/p>\n<p>Investors will continue digesting coronavirus headlines as more cases are confirmed in the US and 2 people die. US ISM manufacturing PMI figures will also be under the spotlight. Over the weekend China reported factory activity in February slumping to the weakest on record to 35.7 as the coronavirus outbreak hits the world\u2019s second largest economy. The US is expected to show activity of 50.5, as coronavirus is yet to heavily impact the US economy.<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<h6><em>Currencylive.com<\/em><em> is a news site only and not a currency trading platform.<\/em><\/h6>\n<h6><em>Currencylive.com is a site operated by TransferWise Inc. (&#8220;We&#8221;, &#8220;Us&#8221;), 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 currencylive.com do not represent our views.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>The Hungarian forint is once again trading higher versus the US dollar, as the markets open for the new week. After rallying 1.27% against the greenback in the previous week, the Hungarian forint is up a further 0.9% on Monday, although this has been more of a dollar weakness story rather than owing to any [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":84198,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1922,1381],"tags":[2139,1438,1409,1927,1921,1445,1480,1397,1398,2411],"class_list":["post-96896","post","type-post","status-publish","format-standard","has-post-thumbnail","category-huf","category-usd","tag-coronavirus","tag-federal-reserve","tag-gdp","tag-huf","tag-hungarian-forint","tag-jerome-powell","tag-manufacturing-pmi","tag-us-dollar","tag-usd","tag-usd-huf"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>USD\/HUF: Forint Advances Even As Manufacturing Stagnates - 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