Hungarian Forint Climbs on German Confidence

The Hungarian currency posted significant gains today versus the euro and the dollar after a report in Germany indicated the highest rise in investors’ confidence in the wealthiest country in the European Union during the last three years.
Hungary is immersed in the worst recession since the post-communist era, and today’s German ZEW economic report posting the sharpest rise in business confidence in the country in three years helped optimism to grow in Eastern Europe, as most of Hungarian, Czech and Polish exports destination is Germany.
EUR/HUF closed at 273.25 in Budapest today from a previous rate of 273.75 yesterday.

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