Forint recovers after SNB cuts rate target

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The forint strengthened against the Swiss franc on Wednesday morning's interbank market, trading at 245.71 to the CHF at 10:20 a.m., compared to a rate of 246.49 at 5:55 p.m. on Tuesday after the Swiss National Bank announced that it would cut its interest-rate target in order to stem the Swiss currency's further rapid strengthening.

The forint weakened against the euro and the US dollar on Wednesday morning, trading at 272.45 to the single European currency and 190.82 to the USD at 10:20 a.m., compared to rates of 270.42 and 190.05, respectively, at 5:55 p.m. on Tuesday.

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