The forint is losing more than 1% against the dollar and the euro today, which is related to the lack of an interest rate hike during today’s decision. The main interest rate was kept at 7.25%, which may suggest the intention to end the rate hikes cycle. On the other hand, the median of expectations indicated such a move on the part of the Central Bank of Hungary.
No interest rate hike from the Central Bank of Hungary
Currently, Hungary has the highest interest rate in the EU. The Czech Republic is right after them, which yesterday decided to hike to 7% (a hike by 125 bp). Is the lack of further rate hikes in Hungary and the strong rate hike in the Czech Republic supposed to indicate a ceiling of around 7%? It may also suggest the recent retreat of profitability in Poland.
The forint is losing, the koruna is stable and the zloty is losing a lot for the second session in a row.
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