0720 GMT [Dow Jones] Raiffeisen sees HUF weakening ahead in response
to Tuesday's surprise base rate cut to 6.75% from 7.00% which
investors received unfavorably and HUF weakened 1% against EUR. Rate
setters will likely continue to focus on helping the economy and push
for more rate cuts which raises credibility concerns given the risk
environment, Raiffeisen says. Market participants will also likely
anticipate further weakening after the year-high HUF levels around 275
from last week didn't prove lasting. Raiffeisen traders see EUR/HUF in
a range of 278.30 to 282.60 Wednesday. EUR/HUF is 281.89 vs 281.05
Tuesday. (gergo.racz@dowjones.com)
Contact us in London. +44-20-7842-9464
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(END) Dow Jones Newswires
August 29, 2012 03:20 ET (07:20 GMT)
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