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(Adds crown high, Hungary c.bank statement)
By Jason Hovet and Anita Komuves
PRAGUE, Jan 26 (Reuters) - The crown rebounded to a
five-month high on Tuesday after the Czech central bank kept
open the chances of rate hikes this year, while other central
European currencies weakened on concerns over roadblocks to a
$1.9 trillion U.S. stimulus plan.
Hungary"s forint led losses, dropping 0.3% on the
day to 358.60 to the euro, extending losses after the central
bank held steady on interest rates but said it would ramp up
bond purchases to shore up the pandemic-hit economy.
The meeting comes after a recent warning from a deputy
governor that cautious policy was still justified.
Bond markets took the news in stride.
"The important story is that the aggressive QE (quantitative
easing) program has brought yields down, yields on the 10-year
bond are almost at historic lows," one trader said.
Hungarian 10-year yields were bid at 2.29% on Tuesday, after
a spike above 2.40% to start the year that came amid higher
issuance and a rise in U.S. yields.
Hungary"s central bank, like others in the region, has added
support to markets since last year, depressing yields.
The Czech central bank has refrained from bond purchases,
unlike peers, and it has struck a more hawkish tone on policy in
recent months. Yields have steadily climbed since October.
Central bank Governor Jiri Rusnok was quoted on Tuesday as
saying in an interview with Bloomberg news agency that Czech
policymakers may raise interest rates up to twice this year, or
not at all.
The crown erased early losses on Tuesday, rising
0.4% on the day to 26.049 by 1512 GMT and touching its highest
level since August, at 26.045.
The diverging policy outlook has been seen elsewhere.
Romania"s central bank unexpectedly cut its benchmark rate
by a quarter-point to 1.25% on Jan. 15, adding to a fast fall in
bond yields since elections late last year.
That vote delivered a centre-right government and has cut
some of the risks around the country"s large fiscal deficits.
Romanian 10-year bond yields have dropped to 2.86% from
3.37% seen in mid-December. Meanwhile, the spread between
Hungarian and Romanian paper has narrowed to around 50 basis
points, from about 120 bps, and is at its tightest since April
2017.
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