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PRAGUE, May 20 (Reuters) - Hungary"s forint hit a fresh
nine-month high against the euro on Thursday, looking for a
third day to firmly break past a technical level with markets
seeing growing chances of a interest-rate hike.
Other currencies were mixed, drifting off recent highs,
while mainly stock markets tip-toed higher after coming under
pressure in the previous session with global worries over
inflation.
Central European equity markets in May have climbed out the
deep holes created by the COVID-19 pandemic, erasing steep
losses seen in the wake of the outbreak in early-2020.
Prague rose 0.5% on Thursday to touch its strongest
level since 2011 for a second time this week.
Czech utility CEZ also rose half a percent, with
markets focusing on a likely dividend proposal being announced
on Thursday. Foreign asset sales will mean a bigger payout than
usual.
On currency markets, the forint has led after a
Hungarian central banker flagged a possible rate hike in
June.
The Hungarian currency rose in early trade to hit a fresh
high before settling down 0.1% on the day at 350.3 per euro,
seeking to close the day on the strong side of the psychological
level of 350.
"The euro-forint rate was successfully stopped by the 350
level in the past two days, and it has not yet significantly
broken," brokerage Equilor said. "If the forint keeps firming
and breaks this level, the road will be open as far as the
support level at 344."
Hungary"s central bank is widely expected to leave key rates
steady next week ahead of a watershed June meeting when it could
deliver its first base rate hike in nearly a decade to rein in
rising inflation.
The surprise shift in Hungary put the bank alongside peers
in the Czech Republic, where markets pencil in a rate hike by
August. The crown inched down 0.1% to 25.50 to the
euro, off a 14-month high of 25.385 hit this week.
Poland"s zloty and Romania"s leu were
steady.
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