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(Updates after Hungary rate decision)
PRAGUE, Sept 21 (Reuters) - The forint fell to a six-week
low on Tuesday before quickly rebounding as the Hungarian
central bank surprised with a scaled-back interest rate hike but
confirmed its tightening cycle remained on course.
Hungary"s central bank raised its base rate by 15 basis
points to 1.65%, delivering its fourth rate hike in
a row to curb rising inflation as the economy rebounds strongly
from the effects of the coronavirus pandemic.
The rate of increase, though, missed expectations of a 25
basis point rise seen in a Reuters poll, pushing the forint down
as much as 0.4% on the day to trade at a session low of 355.10
to the euro after the midday decision.
But it rebounded less than an hour later - and was near
session highs hit in morning trade - after the central bank
lifted inflation forecasts and said rate tightening would
continue and it would reduce bond purchases.
By 1348 GMT, the forint had gained 0.3% on the day
to trade at 353.50 to the euro.
"The post-meeting communications certainly struck a more
hawkish tone than the decision to slow the pace of tightening
might have suggested," Capital Economics said.
The forint along with the Czech crown have been the
best-performing currencies in central Europe in 2021 as their
respective central banks became the first in the European Union
to begin lifting interest rates, starting in June.
The slower tightening pace from Hungary - following three
previous rate moves of 30 basis points - comes as the Czech
central bank looks certain to accelerate its rate hike cycle.
Czech central banker Tomas Holub told Reuters in an
interview published on Tuesday that he would likely support a 50
basis point rate increase at the next policy meeting.
That added to signals that the central bank could deliver
its biggest hike since 1997 next week, after two earlier
standard 25 basis point moves.
Market interest rates ticked up - with up to 100 basis
points in hikes priced in to the end of 2021. The crown
rose 0.2% on the day, to 25.426 to the euro.
Poland"s zloty struggled, losing 0.4% to 4.625 to
the euro.
The Polish central bank, unlike peers in the region, has
been hesitant to begin raising interest rates, wary of damaging
an economic recovery even as inflation surges to a two-decade
high.
CEE SNAPSHO AT 1548 CET
MARKETS T CURRENCIES
Latest Previou Daily Change
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bid close change in 2021
EURCZK Czech
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