Live and Historical USD/HUF Rates
This chart compares the value of the United States dollar (USD) to the value of the Hungarian forint (HUF) – that is how many Hungarian forints will purchase one United States dollar. USD has major currency status while HUF does not. They form neither a major pair nor a commodity pair.
The U.S. Dollar
In the world market, USD has been the most important player for multiple decades. USD led the way in normalizing floating currencies in the early ’70’s. It is the most common currency in the market. Twenty-three countries are pegged to it, and it is the most popular currency held in reserve. But now more USD is held outside of the US than within its borders, and many people ask how long will the dollar be on top? This remains to be seen. In 2007, Alan Greenspan stated that it is altogether possible that the euro could replace the US dollar in popularity, sometime in the future.
The Hungarian Forint
The Hungarian forint debuted on the world market in 1946. This required a transition from a socialist system to the free market system, and the transition was not smooth for HUF. After the high inflation of the 1990’s, HUF has leveled out. HUF has no 1 or 2 cent coins anymore. The Hungarian government was able to remove these coins from circulation without a significant effect to the prices of goods and services. Every value is rounded to the nearest multiple of five. The days of the forint may be drawing to a close as Hungary seeks to replace it with the euro.
As a very small economy in close proximity to the Eurozone, the forint is mostly dependent on the euro, and this pair tends to mirror EUR/USD. Because of the pending change to the euro, the biggest influence on the forint is political-anything that relates to this transition has a strong influence on the forint’s value. Hungary is also impacted by any adjustments in global capital investment because the primary exports are machinery and equipment. This pair is not commonly used for carry trades.
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