Surprise performer: forint gains most on dollar
The forint has become the strongest performing currency worldwide in the past 12 months (from 15 October 2011), in relation to the US dollar at least. Of all currencies, Hungary’s has managed to increase in value the most against the dollar, by 12.83 per cent. The forint is followed by the Chilean peso at 9.99 per cent and the Polish zloty at 9.08 per cent.
Takarákbank analyst Gergely Suppan has told the conservative daily Magyar Nemzet that there are both internal and external reasons for the strengthening of the forint. According to Suppan, the markets have gained in confidence after the measures taken by the Federal Reserve and the European Central Bank to tackle the financial crisis, leading to increased interest in emerging markets.
