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Forex: EUR/HUF eases further after NBH rate cut

FXstreet.com (Barcelona) - The Hungarian forint is intensifying its appreciation against the euro on Tuesday, dragging the cross to weekly lows after the NBH cut the lending benchmark by 25 bps to 5.0%, broadly in line with market consensus.

“The NBH will publish a policy statement at 2pm GMT, but, in line with yesterday’s announcement, it will not be followed by a press briefing with the Governor as before. It will be particularly important, given that Matolcsy has not yet given any statements since taking office… We have reviewed our forecasts recently, and now expect 100bp of cuts in the base rate from the current level through July, which would bring it to 4.00%”, commented Marcin Budkiewicz at TD Securities.

At the moment, the cross is losing 0.65% at 304.30 with the next support at 302.50 (low Mar.14) ahead of 300.90 (38.2% of 288.70-308.51) and then 294.10 (low Mar.1).
On the flip side, a breakout of 308.55 (high Mar.18) would open the door to 313.48 (high Jan.13 2012) and finally 316.10 (high Jan.9 2012).

Forex: USD/CHF testing the 0.9500 level

The USD/CHF has managed to hug the 0.9500 level Tuesday during European trading and the onset of American trading and the release of economic data in the US has proved to be no exception. In these moments, the pair is testing this level, recording a modest +0.05% gain.
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American equity markets recover Tuesday

The US Stock market experienced edged higher Tuesday, attempting to pare the losses of yesterday’s risk-off movement, induced by Cyprus. In the United States, the S&P/Case-Shiller Home Prices Indices (YoY) came in at +8.1% in January, against a projected +7.9%. Earlier, Durable Good Orders were reported at +5.7% in the month of February, beating expectations of +3.8%. In addition, Durable Goods Orders ex-Transportation have contracted -0.5% in February, against estimates of +0.5% growth.
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