Last Friday, HUF got to its strongest against USD in two years with an exchange rate as low as HUF 334.6. While this is mostly due to the international decline of USD, HUF did get stronger against EUR and CHF too because of a generally good political climate.
Best results in two years
Over the last two years, the USD exchange rate was typically above HUF 350, and in fact started a steep climb in September 2024. It peaked in January 2025 around HUF 400, and it is on a slow but steady decline ever since. On September 5, it reached HUF 334.6, which is the best result since July 2023.
HUF is going strong against EUR as well right now. The EUR exchange rate has been around HUF 400 over the last two years, peaking at HUF 416 in November 2024, then showing a short decline but climbing back to HUF 410 in March 2025. The exchange rate has been decreasing ever since, and it is currently around HUF 393, which is relatively low.
The HUF to CHF exchange rate is also better than any time since April 2025 at just HUF 420. The CHF rate is an important index in Hungary not only because CHF is one of the most stable currencies in Europe, but also because a significant portion of long-term retail loans is in CHF.
International trends
HUF getting stronger against USD is in great part due to the recent weakening of USD. At the end of last week, the DXY index that shows the value of USD against a selection of foreign currencies was at -0.6% daily. At the same time, USD was also losing against EUR at -0.7% daily.
The main reason behind this trend might be the worries connected to the upcoming announcement of interest rates in the U.S. The Fed is to make an announcement on September 17, and the overwhelming majority of investors is expecting the Fed to cut rates by 50 bps, double the originally projected estimate due to the poor labor market data published on Friday. Unemployment in the U.S. is up at 4.3%, near a four-year high.
If U.S. labor market trends persist in September, there is a chance that the Fed will need to make further adjustments to the interest rates in October. This would most probably contribute to the further decline of USD, and the further strengthening of HUF.
Helpers Finance at your service
In an environment of changing foreign exchange rates, it is important to have an ally you can always count on when making decisions for your Hungarian business. Helpers Finance offers precise and reliable accounting services as well as an expertise in working with foreign business owners. Let us take the burden of financial administration off your shoulders so you can focus on growing your business.
DISCLAIMER: The information on this page is provided as general information only and it reflects the personal opinion of the authors. Nothing on this website constitutes investment advice or an investment offer as defined by Act CXXXVIII of 2007 (“Investment Service Act”), 4.§. (8) and (9). The content should not be used for financial or investment decisions, and it is not a personalized investment analysis. The information is provided without warranty of any kind. The authors, publishers and editors take no responsibility for any direct and indirect damage resulting from the use of the content of this site.
