There are large riots in Budapest, teer gas, riot police etc...
'Big problems' in Hungary
He noted that there were reports of big problems in Hungary and this could affect emerging markets, although it had not so far.
Overall, it had been a quiet start and the rand was likely to be range bound, at least initially, he concluded.
CCN reports that protesters stormed the headquarters of Hungary's state television network and set fires in and around the building early on Tuesday after the country's prime minister admitted lying about the economy "throughout the past one-and-a-half or two years."
Smoke and tear gas wreathed the headquarters of state broadcaster MTV, where police clashed with demonstrators around midnight on Monday.
Officers turned water cannon on protesters, some of whom were trying to break into the building, and several officers were injured during the demonstrations, police spokesperson Lajos Nenet said.
The turmoil exploded on Sunday, when state radio aired an audiotape of Prime Minister Ferenc Gyurcsany telling members of his ruling Socialist Party that his government had lied about the state of the country's economy throughout its two years in office.
"We lied throughout the past one-and-a-half or two years," he said. "We lied in the morning, we lied in the evening and also at night."