The Hungarian forint gets stronger

Thanks to the recent decision of the National Bank of Hungary to leave its rates unchanged, the Hungarian forint gets stronger. The currency is looking to redeem itself against the beloved US dollar, and the renewed risk-on appetite in the global market is also helping it with that. The US dollar to Hungarian forint exchange rate should reach its support by the first half of June. Bearish investors of the pair are looking to force the 50-day moving average lower and get closer to the 200-day moving average. Earlier this week, the Hungarian central bank opted to leave its rates unmoved for this month and wait for the initial effects of the previous rate cuts. The move came after the bond purchases of the central bank started earlier this month which helped push down the debt yields causing the forint to stabilize and strength. The decision is also in line with the expectations of the majority of analysts and economists from Hungary.