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PRAGUE, March 9 (Reuters) - The Czech crown firmed around
0.7% on Tuesday to recover from a three-month low and lead
central Europe higher as currencies corrected following several
days of weakening.
Stocks were also mostly on the rebound with global markets
taking some relief from a drop in U.S. bond yields. The U.S.
dollar"s weakening from multi-month highs gave a boost to
currencies.
The crown was the biggest gainer while Hungary"s forint
had risen 0.4% to 366.43 to the euro by 1003 GMT,
moving away from a four-month low hit in the previous session.
It was helped also by headline inflation data rising as
expected, although markets see interest rate stability ahead.
"February inflation data is in line with expectations, and
the euro-dollar rate seems to have bottomed out, which helps the
forint," a Budapest-based trader said.
Central European currencies have been under pressure in the
past month as the region seeks to contain or slow the spread of
COVID-19 infections and lockdown measures stay in place longer.
The Czech Republic has been particularly hard hit.
Dollar strength has added to the pressure.
The crown, after firming earlier in the year on market bets
of interest rate hikes later in 2021, has lost as much as 3%
since mid-February.
It recovered to 26.245 to the euro on Tuesday after hitting
a low of 26.44 on Monday.
"We maybe got a bit too far already (in the move to weaker
levels)," one dealer said.
Elsewhere, the Polish zloty rose 0.3% to 4.584 per
euro as part of the correction.
Warsaw stocks led equity gains, with the blue-chip
index gaining over 1%.
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