Hungarian Forint Falls on Upcoming Budget Crisis

The growing problems of budget deficits are not an exclusivity among EU countries using the Euro, as several of its eastern nations, as in the case of Hungary, have a budget deficit much above the maximum tolerated by the European Central Bank, affecting the nation’s currency performance.

The Hungarian forint ranked among the worst performing currencies today in foreign exchange markets after the International Monetary Fund affirmed that the central European nation may not achieve its budget deficit targets, declining attractiveness for assets in the country, as the European budget deficit crisis is spreading across the economic bloc.

USD/HUF closed today at 199.65 from an opening rate of 199.15.

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