Hungary’s forint has started to appreciate markedly on Tuesday before 11:00 CET and it continued to gain after the central bank (NBH) announced at 14:00 CET that its Monetary Council raised the benchmark policy rate further by 50 bps (after a similar hike in Nov) to 7.00%.
EUR/HUF has been hovering around 303 throughout the morning session and parallel with an improvement in global market sentiment (and with the firming of Poland’s zloty) the forint appreciated to 301.50.
Then the HUF gained more upon the rate hike announcement. By now it has practically worked off its weakening that came about on news that the IMF/EC mission walked away from preparatory aid talks over major differences about several issues.
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