Long

The interest rate cut from the Hungarian central bank

The expected interest rate cut from the Hungarian central bank this July is slowing down the Hungarian forint. In fact, it caused to weakened significantly against the euro in the trading sessions. The pair is widely projected to climb to its resistance and hit levels last seen in early April 2020 during the hype of the euro’s bullishness. Just last week, the National Bank of Hungary’s governor Barnabas Virag said in a radio interview that the bank may once again cut its key interest rates by 15 basis points next month. Virag added that it would be the lowest that the rates will go for the foreseeable future. The news helped bullish investors to floor their gas pedals against bears and propel the pair. The unexpected interest rate cut from the National Bank of Hungary just recently was the first cut in four years from the bank and was clarified as not the beginning of an easing cycle which was previously speculated.

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