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Hungarian Forint is up 1.3% so far against dollar, in spite of Central Bank cutting rates.
Market was expecting a rate cut but in tune of 10 basis points but the central bank overwhelmed the market by providing rate cut of 15 basis points. Benchmark rate now stands at 1.35%.
However Forint appreciated as National Bank of Hungary (NBH) governor Gyorgy Matolcsy indicated rate pause for now. According to him, central bank is likely to keep rates at current level for very long time.
With no further easing from Forint leg, and European Central Bank (ECB) continue to print money it is advised to long Forint against Euro.
Euro is currently trading at 307.7 against dollar, down 0.65% for the day.
Moreover, it has given big trend line break in July which is likely to persist for now.
