{"id":99290,"date":"2020-04-23T05:11:01","date_gmt":"2020-04-23T09:11:01","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=99290"},"modified":"2020-04-23T05:28:32","modified_gmt":"2020-04-23T09:28:32","slug":"103118-usd-huf-forint-extends-losses-after-german-pmi-plunges","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103118-usd-huf-forint-extends-losses-after-german-pmi-plunges\/","title":{"rendered":"USD\/HUF: Forint Extends Losses After German PMI Plunges"},"content":{"rendered":"

The Hungarian Forint<\/a> is extending losses versus the US Dollar<\/a> on Thursday for the third straight session. The Forint closed 1.1% lower at 329.99 on Wednesday.<\/p>\n

At 09:15 UTC, USD\/HUF<\/a> is trading 0.4% higher at 331.12. This is the middle of range of the daily trading range of 329.07 \u2013 332.29 as investors digest dire data from the Germany, Hungary\u2019s largest trading partner, and as investors look ahead to the release of US jobless claims later today.<\/p>\n

Check real time USD to HUF exchange rate<\/span><\/a><\/div>\n

German Composite PMI Shocks Sending Forint Lower<\/h2>\n

The Forint is trading on the back foot following a record dive in German business activity. IHS Markit\u2019s data revealed that Germany’s private sector recession deepened further in April as both services and manufacturing output experienced record declines.<\/p>\n

The composite purchasing manger\u2019s index, which tracks both the service sector and the manufacturing sector, together accounting for over 65% the German GDP, plunged to 17.1 in April. This was down from 35 in March and well short of analyst\u2019s expectation of 31. To put these figures into context, at the depths of the financial crisis, the German composite index dropped to a low of 36.3.<\/p>\n

The data illustrates the extent of the hit that the German economy is experiencing amid the coronavirus lock down. A recession of historic proportions is happening.<\/p>\n

Given that Germany is Hungary\u2019s largest trading partner, this is bad news for Hungary\u2019s economy and the Forint. Analysts polled by Reuters expect the Hungarian economy to contract by 4.1% in 2020, followed by 4.7% in 2021. Some economists forecast the Hungarian GDP contracting by as much as 8% – 9% in 2020.<\/p>\n

US Jobless Claims Up Next<\/h2>\n

The US Dollar is edging higher across the board as European data weighs on risk sentiment. US investors will now look ahead to US jobless claims figures. These have become the most closely watched release across the week.<\/p>\n

Analysts are expecting a further 4.5 million Americans to file for unemployment claims in the week ending 17th<\/sup> April. This would add to the 21 million that signed up in the prior 4 weeks. The put this into context, all the jobs that have been created since the financial crisis will have been wiped out. A higher number of claimants could boost demand for the safe haven US Dollar.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Hungarian Forint is extending losses versus the US Dollar on Thursday for the third straight session. The Forint closed 1.1% lower at 329.99 on Wednesday. At 09:15 UTC, USD\/HUF is trading 0.4% higher at 331.12. This is the middle of range of the daily trading range of 329.07 \u2013 332.29 as investors digest dire […]<\/p>\n","protected":false},"author":163946597,"featured_media":83924,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1922,1381],"tags":[2139,1927,1921,2555,1454,1397,1398],"class_list":{"0":"post-99290","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-huf","8":"category-usd","9":"tag-coronavirus","10":"tag-huf","11":"tag-hungarian-forint","12":"tag-initial-jobless-claims","13":"tag-pmi","14":"tag-us-dollar","15":"tag-usd"},"acf":[],"yoast_head":"\nUSD\/HUF: Forint Extends Losses After German PMI Plunges - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/103118-usd-huf-forint-extends-losses-after-german-pmi-plunges\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103118-usd-huf-forint-extends-losses-after-german-pmi-plunges\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103118-usd-huf-forint-extends-losses-after-german-pmi-plunges\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"USD\\\/HUF: Forint Extends Losses After German PMI Plunges\",\"datePublished\":\"2020-04-23T09:11:01+00:00\",\"dateModified\":\"2020-04-23T09:28:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103118-usd-huf-forint-extends-losses-after-german-pmi-plunges\\\/\"},\"wordCount\":402,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103118-usd-huf-forint-extends-losses-after-german-pmi-plunges\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/12\\\/hungarian-forint-huf-usd.jpg\",\"keywords\":[\"coronavirus\",\"HUF\",\"Hungarian Forint\",\"initial jobless claims\",\"pmi\",\"us dollar\",\"usd\"],\"articleSection\":[\"HUF\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103118-usd-huf-forint-extends-losses-after-german-pmi-plunges\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103118-usd-huf-forint-extends-losses-after-german-pmi-plunges\\\/\",\"name\":\"USD\\\/HUF: Forint Extends Losses After German PMI Plunges - 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