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(Updates with Hungary cenbank comments, forint reaction)
By Anita Komuves
BUDAPEST, Oct 1 (Reuters) - The Hungarian forint firmed on
Friday, recouping some of its recent losses after Deputy
Governor Barnabas Virag flagged further 15-basis-point rate
hikes over the next few months as inflationary pressures
continue to rise.
The forint gained about half a percent shortly after Virag"s
remarks before retreating, and was up 0.25% on the day and
trading at 358.30 per euro by 1230 GMT.
"The big Czech rate hike and the growing possibility of
tightening in Poland seemed to weaken the forint"s rate
advantage," an FX trader in Budapest said. "But Virag"s words
about more rate hikes helped the currency."
Virag said the tightening cycle, which began in June, would
continue as long as the inflation outlook justified it.
Government bond yields on the long end of the curve rose
after Virag"s words, two fixed-income traders in Budapest said.
The yield on the 10-year bond rose about 9 basis points to
3.36%.
The Polish zloty gained 0.6% and was trading at
4.5822 per euro, as higher-than-expected CPI data fuelled rate
hike expectations in the country that has so far resisted any
rush to tighten, wary of thwarting an economic rebound.
The currency extended gains from Thursday when it jumped
following the publication of the minutes of the central bank"s
latest meeting, which the market interpreted as showing a
greater chance for a rate hike.
The Czech crown also added to its gains from the previous
session when it soared after the central bank delivered a
higher-than-expected, 75-basis-point rate hike to 1.50% and said
that more would come as it aimed to prevent inflation.
Flash Polish CPI data published on Friday showed that prices
rose 5.8% year-on-year in September, above expectations.
"Prices are going crazy and it seems that finally, the
Monetary Policy Council (MPC) will have to admit that inflation
is also demand-driven," Marcin Luzinski, economist at Santander
Bank Poland said.
"I think that the first interest rate hikes will be carried
out in November, if not then early next year at the latest."
Polish rate-setter Lukasz Hardt said on Friday that Poland
needs to raise interest rates by 15 basis points urgently to
address rising inflation.
The crown firmed 0.19% on the day and was trading
at 25.301 per euro, nearly 0.9% stronger than before the rate
hike.
Higher inflation data persuaded the bank to take further
action in September, Citi wrote in a note. "This means the
larger September hike is not necessarily the front-loaded
tightening that would ease the tightening momentum in future."
PMI data from the CEE region, also published on Friday,
showed a slowdown in the pace of recovery with global shortages
and rising costs crimping output growth further and slowing the
pace of an economic rebound.
CEE SNAPSHO AT
MARKETS T 1430 CET
CURRENC
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EURCZK= Czech
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