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By Jason Hovet
PRAGUE, Oct 7 (Reuters) - The zloty gave back some gains on
Thursday after Poland"s central bank governor said policymakers
would observe the effects of a shock interest rate hike for a
long time and declined to commit to a tightening cycle, taking
some shine off the currency.
The Polish central bank caught markets by surprise on
Wednesday when it raised its key rate by 40 basis points,
turning to tighter policy sooner than expected. The move spurred
the zloty to more than 1% gains on Wednesday.
But some of those gains were lost on Thursday with Governor
Adam Glapinski telling reporters the bank needed to be careful
in tightening.
The zloty fell during his afternoon press conference and
traded down 0.4% on the day at 4.574 to the euro at 1456 GMT,
slipping off a more than three-week high.
The hike, lifting Polish rates up from near zero, means most
central banks in central Europe have turned to tighter policy to
blunt an inflation spike coming from global supply snags and
rising energy costs, and also increasingly from domestic demand
recoveries and tight labour markets.
The Polish central bank had previously shown the most
reluctance to lifting borrowing costs as it feared hitting a
post-pandemic recovery underway.
The Czech and Hungarian central banks launched tightening
cycles in June. Romania followed with a rate hike on Tuesday
this week, despite fast-rising COVID-19 cases in the country and
an ongoing government crisis.
The pace at which rate hikes will come is still a key
question, with tightening expected to boost currencies in the
next year, according to a Reuters poll this month done before
the Polish rate decision. The leu is the exception as Romania
faces political uncertainty and high twin deficits.
On Thursday, the Hungarian forint had gained 0.1%
by late afternoon and the Czech crown was down a touch
at 25.425 per euro.
Analysts say firming will be held back by a strong dollar,
which cuts appetite in emerging markets, as investors expect the
start of tapering asset purchases by the U.S. Federal Reserve
that will lay the ground for an exit from its low rate settings.
The pressure was seen already, with the zloty losing 1.7% in
the past month before Wednesday"s rate hike.
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