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BUDAPEST, Sept 28 (Reuters) - Hungary"s forint hit
a two-month-low against the euro on Tuesday, pressured by rising
U.S. Treasury yields, high inflation and a row with the European
Union, which has led to a freeze in pandemic recovery funding.
At 0833 GMT, the forint traded at 359.03 per euro, its
weakest level since the end of July and within sight of the key
360 level. The currency, which fell nearly 2% over the past
week, has surrendered most of its gains made this year.
The Hungarian and Czech central banks both started raising
rates in June, boosting the forint and the crown by
some 3% against the euro ahead of last week"s the National Bank
of Hungary (NBH) rate meeting, when the bank raised rates by a
smaller-than-expected 15 basis points to 1.65%.
"We are headed north, we will see whether we will reach the
360 mark today," a Budapest-based currency dealer said.
"U.S. yields are rising, the 10-year is nearly at 1.55%, and
the region as a whole is weakening."
The trader said several factors, including the Hungarian
inflation outlook and the funding row with the EU, pointed
towards more forint weakening in the near term.
Despite raising its inflation forecasts for this year and
the next, the NBH said it would hike rates further in
15-basis-point steps, slowing the pace of tightening after three
successive 30-basis-point hikes.
Most central European currencies were in the red in morning
trade but for the Serbian dinar, which gained 0.1%.
Hungarian brokerage Erste Investment said the forint broke
through its 200-day moving average on Monday, failing to benefit
from a credit rating upgrade by Moody"s last week.
Erste said the Hungarian central bank"s swap tenders
providing euro liquidity this week could stem bigger falls in
the exchange rate.
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