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Hungarian Forint Drops on Tax Increases & Risk Aversion

June 18, 2013 at 15:42 by Vladimir Vyun

The old House of Representatives in Pest on a Hungarian 10,000-forint noteThe Hungarian forint dropped today as domestic concerns added to the general risk aversion sentiment on the Forex market that was caused by the policy meeting of the Federal Reserve.

Mihaly Varga, the Minister of National Economy, said yesterday that the government plans to increase some taxes. Investors were worried that higher levies may damage economic growth. Meanwhile, the Fed two-day meeting has started today and Forex traders impatiently await the decision of the US central bank.

USD/HUF jumped from 218.3800 to 219.1250 as of 15:42 GMT today.

If you have any questions, comments, or opinions regarding the Hungarian Forint, feel free to post them using the commentary form below.

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