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HUF Devaluation Continues Following Depressing Unemployment Figures

HUF Devaluation Continues Following Depressing Unemployment Figures

Michael Romero, Contributor


Talking Points:

• HUF Devaluation Follows Unemployment Figures.

• Forint Continues Descent.

As expected the HUF/USD continued its descent on Tuesday following the November unemployment rate announcement by the Hungarian Central Statistical Office. Hungary’s unemployment rate increased to 7.2 percent in November 2014, up from 7.1 percent in October 2014, with just a year ago unemployment registering at 9.2 percent. The increase was the first of its kind for the year 2014 as unemployment has steadily been decreasing since January. The forint has been on a steady descent since the beginning of 2014 amid the positive unemployment statistics, such a devaluation could be the result of the expected interest rate hikes in the US, and or geopolitical uncertainty throughout Europe, as well as other factors.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.