The Hungarian forint traded higher against the U.S. dollar in early New York deals on Tuesday, despite an interest rate cut by the Hungary’s central bank to arrest deflation.
The bank cut its benchmark rate by 15 basis points to 1.80 percent, from 1.95 percent. The rate reduction was in line with economists’ expectations.
The Hungarian forint spiked up to 277.10 against the greenback, from an early low of 279.38. The pair was worth 277.22 at Monday’s close. The forint may find resistance around the 276.00 zone.
The material has been provided by InstaForex Company – www.instaforex.com