By Tamas Csonka in Budapest Hungary’s central bank reduced the base rate by 75bp to 10% at a meeting on January 30, a lower than expected move as some market players were expecting a 100bp cut. Sentiment had changed this week as market risks increased, triggering a moderate sell-off of the currency. The scale of monetary easing was the same as at the previous three rate-setting meetings. Rate-setters agreed that a cautious approach to monetary policy is warranted given risks surrounding global disinflation and volatility in international investor sentiment, which has been affected by media rep…