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PRAGUE, April 13 (Reuters) - Central Europe"s currencies
retreated on Tuesday, with markets taking a breather after
recent gains, although the Czech crown held steady and again
tested the psychologicial level of 26 per euro after an
inflation pick-up.
With markets pausing and turning attention to U.S. inflation
data for some clues on the dollar"s direction, the Hungarian
forint retreated from a two-month high, falling 0.4%. Poland"s
zloty dropped 0.65%, also from a multi-week high.
Elsewhere, stock markets mostly gained with Czech utility
CEZ hitting its highest since mid-2015 following a
rally in Polish utilities on Monday.
Markets are betting the Czech central bank will be the first
in central Europe to undo some of the massive loosening
undertaken a year ago when the COVID-19 pandemic first struck.
Markets price in a first rate hike in six months.
Analysts said inflation data from March, showing a pick-up
to a headline rate of 2.3% backed chances of a hike in the
second half of the year.
The crown was flat at 26.032 to the euro by 0910
GMT. It has broken the 26 level twice this year.
In Hungary, the forint dropped to 358.52, which a
trader called a "healthy correction" after steady gains in the
past weeks moving it away from near historic lows seen in March.
Currencies in central Europe - one of the worst-hit regions
in the world by the pandemic in the past few months - are
struggling to return to the firming path that analysts forecast
them to take as economies start to recover.
The pandemic is still weighing on the region and U.S. dollar
strength has also sapped some appetite for riskier assets.
On stock markets on Tuesday, Prague and Budapest
tracked a rise of global stocks.
CEZ hit 600 crowns a share for the first time since July
2015, boosted by higher wholesale power prices, expectations of
an extraordinary dividend and tracking a jump in Polish peers.
Polish utilities soared on Monday on a report of an upcoming
curve-out of their coal assets.
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