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PRAGUE, Oct 21 (Reuters) - Hungary"s forint bounced off a
six-month low on Thursday after a central banker said more rate
tightening than projected was needed, easing investor
disappointment following a timid rate hike this week.
The Hungarian central bank voted for a 15-basis-point
interest rate increase on Tuesday, continuing a tightening cycle
that started in June but at a slower pace. Some had bet on a
stronger move, which caused the forint to weaken as they closed
positions.
But the forint recovered ground on Thursday, after Bloomberg
news reported that central bank Deputy Governor Barnabas Virag
said the bank needed to tighten monetary conditions more than
projected in September.
The forint traded down 0.1% on the day at 362.64
to the euro at 0959 GMT, after hitting a low of 364 earlier in
the session.
With policy tightening starting already around central
Europe to battle an inflation spike, the region"s currencies
have been caught between higher rate expectations and a strong
U.S. dollar that is weighing on risk appetite.
The forint has been most under pressure, along with the
Polish zloty.
The zloty was feeling added weight on Thursday before a
European Union leaders meeting in Brussels that will put Warsaw
in the spotlight because of a Polish court ruling that
questioned the primacy of European laws, part of an ongoing
dispute that risks costing the country EU funding.
The zloty eased 0.2% to 4.594 per euro.
Poland"s dispute with the EU has for now barred it from
tapping into 57 billion euros of emergency funds to help its
economy emerge from the COVID-19 pandemic.
"The EUR / PLN exchange rate is consolidating around the
level of 4.58, awaiting, among others, the decisions on the
National Recovery Plan by Brussels," Bank Millennium said.
The Czech crown also dropped further beyond the
25.50 level it breached this week, amid a weakening outlook for
the car sector because of the global chip shortage.
Czech rate markets, though, continue to price in steep
tightening for the rest of the year, following up the central
bank"s surprise 75 basis point hike last month, which was its
biggest single upward move in 24 years.
Central European stock markets were mixed in other trading,
holding off record or multi-year highs hit this month amid a
global rise in company shares.
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