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BUCHAREST, May 14 (Reuters) - The Hungarian forint firmed to
a three-month high against the euro on Friday, boosted by high
short-term interest rates, while other central and eastern
European currencies and stocks were mixed.
By 0938 GMT, the forint was up 0.2% on the day,
trading at 356.10 per euro. Long-term government bond yields
were stable.
"The forint is firming because the high CPI data fuels rate
hike expectations," a Budapest-based trader said. "Also,
short-term rates in Hungary are the highest in the region and
that gives the forint an advantage among its peers."
Hungarian headline inflation jumped to 5.1% year-on-year in
April from 3.7% in March, exceeding market forecasts, data
showed earlier this week. Bond yields in both Hungary and Poland
rose as higher-than-expected inflation data reinforced
expectations of policy tightening.
However, while most CEE countries reported higher than
expected inflation for April, most rate setters in the region
look set to weather the spike and let their economies rebound
from the COVID-19 shutdown before tightening policy.
The Polish zloty was down 0.2% against the euro at
0938 GMT.
The Polish economy shrank slightly less than expected in the
first quarter of 2021, data showed on Friday, while inflation
was 4.3% year-on-year, in line with a flash estimate and above
the upper limit of the central bank"s target range.
"Strong GDP data will, however, further escalate inflation
concerns," Commerzbank said in a research note.
"Inflation data have recently surprised to the upside and
the central bank anticipates this to continue for some more
time. Still, no proactive change in policy stance from NBP is
likely."
Elsewhere in the region, the Czech crown was down
0.1% on the day. The Romanian leu was flat despite the
central bank sharply lifting its end-2021 inflation forecast to
4.1%, above target.
Stocks were mixed, with Prague"s and Budapest"s
up 0.1% and 0.2%, respectively, while Warsaw"s and
Bucharest"s were down 0.7% and 0.2%.
South African conglomerate Steinhoff said on Friday
it had set the price of shares in discount retailer Pepco at 40
zlotys (8.8 euros) in its Warsaw listing, giving the company a
market capitalisation of 23 billion zlotys (5 billion euros).
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