The Hungarian currency declined against its US counterpart in European trading on Friday. At 6:35 am ET, the forint slipped to 224.45 versus the greenback, compared to 223.60 hit late New York Thursday. Unemployment rate in Hungary dropped slightly during the May to July period, while economists expected the rate to remain unchanged from the previous three-month period.

The Central Statistical Office said today, the jobless rate edged down to 11% in the May to July period from 11.1% in the previous three months,. Economists expected the rate to stay at 11.1%. The jobless rate was 1.3 percentage points higher than the same period last year.

The rate had been falling since the quarter-ending April, when the jobless rate was 11.8%. The number of unemployed persons grew 15% year-on-year to 467,200 during the three-month period, which was fewer than the 473,300 in the previous three months. At the same time, the number of employed rose to 3.79 million from 3.78 million.

Currently, the pair is trading at 223.97. On the downside, the Hungarian currency may likely target the 225.31 level against the dollar.

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