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PRAGUE, June 10 (Reuters) - The Czech crown eased on
Thursday after a lower-than-expected domestic inflation reading,
even as rate hike expectations remained intact, while Central
Europe"s recovery stokes worries of rising prices in the region.
The Hungarian forint led gains, rising 0.1% and
hanging near a 10-month high, a day after the National Bank of
Hungary cemented expectations it could become the first in the
European Union to launch a tightening cycle in June.
Central Europe is facing the strongest inflation rise in the
EU as economies recover from the COVID-19 pandemic.
Poland"s central bank, however, kept rates on hold on
Wednesday and did not deliver hints at a more hawkish bias,
which some economists had expected. That weighed on the Polish
zloty, which was 0.1% lower at 4.479 to the euro at
0921 GMT.
"The market consequences of yesterday"s events will be zloty
weakening and a probable break of EUR/PLN above 4.4740," Bank
Millennium said.
Markets were also keeping an eye on a European Central Bank
meeting on Thursday, with its stimulus flow seen unchanged.
The crown was down 0.1% at 25.427 to the euro.
Czech headline inflation slowed in May to a rate of 2.9%,
missing analysts" expectations. Analysts said the Czech central
bank (CNB) could still deliver a rate hike in June or August.
Erste Group Bank said a June move was more likely.
"Today"s data could imply a very slight weakening of the
crown. However, we do not expect a significant movement, as
markets will probably stay optimistic about the future CNB
policy," it said.
Hungary meets on rates on June 22 and the Czech bank, a day
later. Commerzbank said signals on future policy after Hungary
raises rates would be important for the forint, and it remained
cautious.
"Even if the (Hungary central bank) takes back the COVID
rate cuts already in June, in reaction to rising price pressure,
it will keep interest rates at comparatively low levels longer
so that real interest rates remain negative," it said. "That
makes significant HUF appreciation unlikely longer term."
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