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EURHUF Fails to Test 400.00 Handle; NBH Minutes, Cabinet Meeting Eyed

HUF
EURHUF is trading 0.3% softer, having failed to make a test of the 400.00 handle on the back of yesterday’s substantial rally. While the forint is outperforming its regional peers on the day, gains against the likes of the Polish zloty and Czech koruna are likely corrective in nature, as the local currency fell to record lows against the former yesterday, and to multi-month lows against the latter.
  • With Prime Minister Orban’s cabinet set to discuss a controversial legislative amendment that the central bank considers a risk to its independence at a meeting today, further signs of discontent between government and central bank officials will be in focus.
  • In the meantime, the National Bank of Hungary will release the minutes of their February rate-setting meeting, in which a 100bp rate cut was delivered, at 13:00GMT. Dissenting votes among the Council are expected for the second month in a row, though this time to the hawkish side, after it was revealed the MPC voted 7-2 in favour of a 75bp cut in January (with Zoltán Kovács and Mihály Patai voting for a larger 100bp move).
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