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The crown jumped the most in a
month on Thursday after the Czech National Bank surprised
markets with a bigger-than-expected 75 basis points interest
rate hike, the biggest in decades, as it accelerates a policy
tightening cycle.
Czech rate markets climbed up to 5 basis points on the short
end. The crown soared as much as 0.8% on the day, trading up
0.75% at 25.300 to the euro at 1308 GMT — just off its highest
level since February 2020 hit earlier in September.
Markets had already expected the bank"s biggest rate hike
since 1997, with analysts in a Reuters poll forecasting a 50
basis point increase, above a standard move of a quarter of a
percentage point.
With inflation soaring in central Europe, even more than in
most other European markets due to tighter labour markets, Czech
and Hungarian rate setters were the first in the European Union
in June to begin hiking rates.
The extraordinary rise in Czech rates comes as Hungary"s
central bank has slowed the pace of its hikes.
Elsewhere, other central European currencies gained in
afternoon trade, with the Polish zloty rising 0.7% to
4.60 to the euro, after markets saw rising chances that Poland
could be next to see rate rises following minutes from the
central bank"s last policy meeting.
In the Czech Republic, markets are pricing in further hikes
from the central bank this year and were tuned to an afternoon
news conference at 3:45 p.m. (1345 GMT) for clues on the pace of
tightening ahead.
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EURCZK Czech
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