Hungary’s central bank has raised the benchmark interest rate by 3%, the biggest increase in 5 years, in an attempt to shore up the beleaguered forint. Sources also report that the Bank for International Settlements (BIS) has been a seller of EUR/HUF again today, having been doing the same yesterday.
Meanwhile in the major forex markets things seem to have calmed over the past hour or so, with EUR/USD recovering to 1.2930 and cable back around 1.6400.
