The Hungarian forint traded higher against the U.S. dollar in early New York deals on Tuesday, despite an interest rate cut by the Hungary's central bank to arrest deflation.

The bank cut its benchmark rate by 15 basis points to 1.80 percent, from 1.95 percent. The rate reduction was in line with economists' expectations.

The Hungarian forint spiked up to 277.10 against the greenback, from an early low of 279.38. The pair was worth 277.22 at Monday's close. The forint may find resistance around the 276.00 zone.

US Dollar vs HUF (FX:USDHUF)
Forex Chart
From Nov 2024 to Dec 2024 Click Here for more US Dollar vs HUF Charts.
US Dollar vs HUF (FX:USDHUF)
Forex Chart
From Dec 2023 to Dec 2024 Click Here for more US Dollar vs HUF Charts.