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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

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American equity markets recover Tuesday

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