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Commerzbank on NBH and HUF

HUNGARY
  • Yesterday’s corridor hike does not change the market’s broader policy outlook too much.
  • Commerzbank has written before that hikes to secondary interest rates have a slight counter-productive effect by diluting the policy message.
  • Hence, the move had marginal impact on the forint exchange rate – although the forint gained modestly against peers such as the Polish zloty and Czech koruna by the end of the trading session, it did not outperform noticeably immediately after the rate announcement.

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