Forint firms under 300 to euro after rate cut

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The forint was trading at 299.50 to the euro shortly before 7pm on Tuesdayʼs interbank market, strengthening sharply from 303.38 late Monday after the National Bank of Hungary cut its key base rate by 15bp to 1.95% earlier in the day.

The forint traded below 300 against the euro for the first time since January 2014. It also firmed sharply against the US dollar and firmed less against the Swiss franc.

The rate cut was expected, tips varied only on its size. The MNB also announced making its inflation targeting regime more flexible, temporarily tolerating a maximum +/-1% deviation from the midterm target, that remained 3%.

The forint traded at 274.52 to the dollar late Tuesday, firming from 277.48 late Monday.

It was quoted at 286.670 to the Swiss franc compared to 287.26.

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