Live and Historical EUR/HUF Rates
The following chart shows the value of the euro (EUR) against the value of the Hungarian forint (HUF) or how many HUF can buy one EUR. EUR is a major currency, but HUF is not. Together, the euro against the Hungarian forint forms neither a major pair nor a commodity pair.
The euro is the currency of over twenty-one European nations, but many questions surround the euro’s success in the world market. First, it has not been adopted by all the major European trading countries, not least of which are Switzerland and the United Kingdom. Second, several EU members have faced weakened economies which affect the euro’s value. Last and perhaps most importantly, it seems that a shared currency necessitates strong mutual fiscal control, and the outcome of this experiment is unclear. Finance, services, agriculture, and tourism are among the major Eurozone industries and are very influential on the strength of the euro.
The Hungarian Forint
The Hungarian forint debuted in 1946. HUF is the only remaining currency circulating in today’s world market that was formerly associated with a socialist state. HUF was pegged to EUR until 2008 though now it seems the world market is waiting for the total revocation of HUF. When this change comes, it will make Hungary one of the final EU countries to convert to the euro. When purchasing with cash in Hungary, the practice is to round to the nearest multiple of five. This practice allowed the Hungarian government to eliminate the one and two coins without significantly changing the pricing.
The trade relationship between Hungary and the Eurozone is very strong, and there is a strong resulting correlation between the two. One of the influences on this pair is the price of basic commodity products, such as heavy metals and building materials. Naturally, current events in the fortunes of the Eurozone nations also has a significant influence. But the strongest factor is certainly the political prospect of Hungary adopting the euro. If the government of Hungary is able to move towards this goal within several years (as they hope), the market will begin to price in the change ahead of time.
Forextraders' Broker of the Month
ForexTime (FXTM) is an award-winning platform that certainly has the feeling of being set up by people who know what they are doing. The firm demonstrates an understanding of what helps traders make better returns, and its success can be measured by the fact that it's doubled the number of clients it supports in recent years. The fact that the broker has grown to have more than two million accounts suggests it is getting things right for clients.