The GBP/HUF currency pair is not popular on Forex. The U.S. dollar has a great effect on GBP/HUF as the currency pair represents the cross rate against the greenback. Thus, by merging the GBP/USD and USD/HUF price charts, it is possible to plot the GBP/HUF price chart.
The U.S. dollar has a significant influence on both currencies. Hence, economic data on the discount rate, GDP, unemployment, new created workplaces and many others from the USA is very important for correct prediction of the currency pair movements. However, Is necessary to note that discussed currencies could respond with different speed on changes in the U.S. economy, therefore, GBPHUF currency pair may be a specific indicator of change at these currencies.
Hungary has huge foreign reserves, that is why the country's economy is highly dependent on those organizations and countries that operate within its territory.
Hungary is an advanced industrial country of Central Europe. Hungarian economy is primarily based on engineering, metallurgy, and chemical industries. Moreover, it has a very developed agricultural sector, including gardening and wine-making industries. Most of the country's products are exported abroad. International tourism positively contributes to the country's economy. Millions of foreigners visit Hungary annually, as they attracted by the nature, long-standing traditions, and architecture. Hungary's main trading partners are the EU countries and Russia. When trading GBP/HUF, pay attention to the economic indicators of the mentioned above countries.
It is necessary to remember that brokers, as a rule, set a higher spread on the crosses than major currency pairs. So, before you start working with the cross rates, familiarize yourself with the terms and conditions offered by the broker on the specified trading instrument.
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