Chaos in Hungary as forint volatility rockets

Analysts reported a massive increase in volumes as dealers usually active in G3 markets piled in to trade forints. One euro bought around 234 forints prior to the volatility outbreak. It surged to around 256 before central bank intervention brought it down to around 246. The currency is permitted to fluctuate by up to 15% either side of its central parity rate with the euro.

ERM in reverse

"It reminds me of the UK ERM [exchange rate mechanism] case except in reverse," said Marias Marathefes

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