The week doesn’t start well on the forint market, nearly 410 forints were asked for one euro in the morning, which looks particularly bad after trading was still around 407 in the morning. Based on these, the signs are not good before the Hungarian National Bank’s interest rate decision on Tuesday, where the base interest rate will most likely remain at 6.5 percent.
It has not been possible to return below the 400 level for almost a month.
The vice-president of the central bank said before the October meeting and at the following press conference that the base interest rate can remain permanently at the current level, because the easing of expectations for a US interest rate cut and the rise in yields do not allow for further reductions, the OTP Analysis Center wrote in the morning.
Optically, it doesn’t look good that the weekly (euro-forint) minimums have been going higher and higher for practically a month and a half, and after a temporary successful hawkish verbal intervention, the market finally rebounds again and again, following which this morning, 409- Trading will continue between 410 and 405-406 on Friday, Raiffeisen Bank assessed.
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Source: www.economx.hu
