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The Hungarian forint is deep trouble

The Hungarian forint is deep trouble. The HUF lost all its strength following the crash of the Hungarian Manufacturing PMI. Following the record low data from the said report, bulls immediately took advantage, forcing the EURHUF pair higher. Aside from the crucial data, the forint fell to its weakest levels due to the global risk-off sentiment. Unfortunately for Hungary, its manufacturing activity collapses to levels weaker than what it experienced back in the 2008-2009 Financial Crisis. The Hungarian manufacturing data collapsed from 50.1% on the prior month to just 29.1% in March. The results show the initial impact of the virus on the sector. Investors of the Hungarian forint were gravely disappointed as the results came in way worse than projections of 47%. To put things into perspective, back in the 2008-2009 Financial Crisis, the Hungarian manufacturing PMI only dropped to 40%, and considering its drop now, it’s drastically worse.