Forint recovers against franc after reaching historical low

The forint firmed after the Swiss National Bank reduced its interest rate target and said it would take further steps, if necessary, to prevent the overvalued franc from firming further. The forint traded at 272.55 to the euro late Wednesday, weakening from 269.85 on Tuesday. The forint slipped to 190.64 from 189.18 against the dollar. On the secondary market for government securities, benchmark yields were up 11-13bp for terms over a year.

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