EUR/HUF – Live and Historical Rates
In this currency pair, the EUR is a major, while the HUF is not. The pair itself isn’t considered to be a major, nor is it a commodity pair. The above chart illustrates the amount of HUF one needs to purchase a EUR.
Officially used by 21 countries, the EUR is the currency of the world’s largest economy, the Eurozone. It is also the second most traded currency as well as the second largest reserve currency. Despite its undeniable success (the EUR is the largest circulation currency in the world as a vehicle of value) doubts about its viability persist 18 years after its introduction. The economic disparities within the Eurozone as well as the diversity of the countries included therein, have exposed a series of potentially fatal flaws with the common currency.
The Hungarian Forint is the last circulating currency that was associated with a socialist state. Though in its current form, the currency was introduced in 1946, its roots reach much further back, all the way to the 1300s. Up until 2008, the HUF was pegged to the EUR. Since then, it has been floating. As an EU member, Hungary is compelled by treaty to eventually replace the HUF with the EUR, although appetite for such a move has subsided since the 2008 financial crisis. While some say Hungary is set to convert to the EUR in 2020, there are signs that its government is seriously considering further postponement. According to Prime Minister Viktor Orban, Hungary won’t join the EUR for several decades to come.
Due to geographical proximity and close economic cooperation between Hungary and the Eurozone, the HUF and the EUR are highly correlated. As said above, the latter is supposed to eventually replace the former at some point.
The factor with the biggest impact on the pair is the price of basic commodities, such as construction materials and heavy metals.