Forint firms on Swiss National Bank intervention

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The forint firmed sharply on Tuesday after the Swiss National Bank announced it would intervene against the overvalued franc. The forint traded at 230.81 against the Swiss franc late Tuesday, firming from 251.91 late Monday after the Swiss National Bank said it set an exchange rate target of CHF 1.20 to the euro. 

The forint traded at 277.68 to the euro late Tuesday, strengthening from 278.50 on Monday. The forint weakened to 198.15 from 197.47 against the dollar. On the secondary market for government securities, benchmark yields were down 18-32bp for terms over a year.

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