The forint opened near 303 to the euro, then fell in three waves, first to 306, then to 308, before hitting an intra-day low of 310, a drop of 2%, shortly after Economy Minister György Matolcsy hinted at further rate cuts.

There was a general view on the market that after the robust increase in Turkish rates investors are training their sights on other markets with the aim of forcing central banks to raise rates, which happened in India.

Source: Hungary Around the Clock

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