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The Czech crown eased on
Thursday and slipped back toward a one-month low, as it remained
caught in global market jitters, while investors priced in the
country"s biggest rate hike in decades.
In its policy meeting later in the day, the Czech National
Bank is widely expected to deliver a 50 basis point rate hike,
its largest since 1997, as it accelerates a monetary policy
tightening cycle to battle growing inflationary pressures.
The expected extraordinary hike is coming as Hungary"s
central bank, which also started tightening in June, eases the
pace of its rate hikes.
The crown hit its highest level against the euro since
February 2020 earlier this month, but it has since slipped back
as investors worry about global growth, particularly the Chinese
economy.
It traded 0.1% down at 25.523 to the euro at 0840 GMT.
"Markets price in (significant hikes) but at the same time
there are separate concerns about the global recovery," said
Jaromir Sindel, a Citi economist in Prague.
"This is something that is negatively influencing the Czech
currency."
Beyond Thursday, markets have been pricing in standard 25
basis point hikes at the Czech bank"s final two meetings in
2021.
The crown and Hungarian forint have been central Europe"s
best performers this year, but the latter has also eased in
September and cut its gain this year to below 1%. The crown is
up 2.6% this year.
The forint dropped 0.1% on Thursday, weakening
past the 360 per euro level that had previously provided support
for the currency in July.
In Poland, the zloty firmed a touch to 4.629 to
the euro, and Warsaw stocks gained 0.5%, helping to
pace gains in the region at the end of the month after earlier
pressure.
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Latest Previou Daily Change
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bid close change in 2021
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