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BUCHAREST, Oct 18 (Reuters) - The Hungarian forint led
losses on Monday among central and eastern European currencies,
a day ahead of a central bank meeting, while inflation worries
and disappointing economic growth in China also sapped global
risk sentiment.
Hungarian central bankers have raised rates four times since
June, initially lifting the forint, but the currency has given
up nearly all its gains since policymakers slowed down the pace
of rate hikes last month despite higher inflation forecasts.
By 0915 GMT, the forint was down 0.4% against the
euro at 360.9500.
The National Bank of Hungary (NBH) is expected to raise its
base rate by 15 basis points to 1.8% on Tuesday, a Reuters poll
of analysts showed.
"We expect a 15 basis point hike at tomorrow"s meeting,
however, we do not exclude the possibility of hawkish
communication and an intervention in the swap market due to the
forint"s weakness," brokerage Equilor wrote in a note.
Elsewhere in the region, the Czech crown and
Polish zloty were down 0.3% and 0.2% against the euro,
respectively.
The rise in Czech producer prices accelerated to nearly 10%
y/y in September, further backing expectations of more interest
rate hikes. Market rates ticked up in early trading.
The Romanian leu was flat against the euro, after
Moody"s changed the country"s outlook to "stable" from
"negative", citing growth prospects backed by private businesses
and European Union funds.
The country, beleaguered by a sharp rise in COVID-19 cases
amid low vaccination rates and a political crisis, is struggling
with wide budget and current account deficits, and the currency
is down 1.7% overall this year, the region"s worst performer.
Stock markets in the region were mixed, with Prague"s
and Budapest"s down 0.2% and 0.1%, respectively, while
Warsaw"s rose 0.7% on the day and Bucharest"s
added 0.2%.
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