Commerzbank’s Tatha Ghose explains that the Hungarian Forint (HUF) has recently given back gains as external shocks and an ongoing Magyar Nemzeti Bank (MNB) easing cycle erode support. With the currency back above 360 versus Euro (EUR), markets await Monetary Policy Committee (MPC) minutes for signs of a more conditional stance on rate cuts that could limit further Forint downside and reinforce foreign exchange stability. Forint relies on conditional MNB easing"That trend has become less convincing over the past month, however, with the forint surrendering a meaningful share of its earlier gains to return to its erstwhile 360-plus range versus the euro." "The second factor is monetary policy. "A more conditional tone would help reassure markets that MNB may soon ditch the rate cutting cycle, which would limit further downside pressure on the forint.