BREAKING: Forint strengthens as Hungary hikes key rate more than expected

1:18 PM 28 June 2022

Forint strengthened sharply against the Euro on Tuesday after the National Bank of Hungary unexpectedly lifted interest rate by 185 bp to 7.75%, while markets expected only 50 bp rise to 6.40%.

EURHUF pair weakened after the decision, and if current sentiment prevails downward move may accelerate to 391.15 which coincides with lower limit of the ascending channel and 23.6% Fibonacci retracement of the last upward wave. Source: xStation5

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