EUR/HUF rockets 500 pips

Starting at approximately 2:30 AM EST, after details were leaked about the new Convergence Programme report due to be submitted to the EU on September 1, the EUR/HUF moved 470 pips to 279.20, retracted and moved up to a new high at 279.61. The report is worse than expected with public debt likely to stay high until the end of the decade.