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PRAGUE, Oct 25 (Reuters) - The Czech crown hit a near
three-month low on Monday amid worries over weaker economic
growth, while the Hungarian forint tested a seven-month low,
continuing to cool after the central bank slowed the pace of
rate hikes.
Central Europe"s currencies have been on the back foot in
October, feeling pressure from a stronger U.S. dollar cutting
into risk appetite and also from local factors, which include a
renewed rise in COVID-19 cases in the region as vaccination
rates remain below European Union averages.
Currencies have struggled even with central banks all
turning to tighter monetary policy to quell an inflation spike
and investors pricing in sharp hikes in the next few months.
The forint, which traded a tad lower at 364.8 to
the euro at 1012 GMT, has lost 1.3% since last week when the
Hungarian central bank lifted its base rate by 15 basis points,
disappointing some investors who were betting on a faster pace.
"Global investor sentiment needs to brighten up before the
forint can strengthen. This is not specific to the forint at the
moment," an FX trader in Budapest said, adding the 365 level
would provide resistance to further losses.
"We just need some positive news, either from China, where
the Evergrande story is still concerning, or some better
coronavirus data."
With global markets keeping track of indebted developer
China Evergrande Group, investors in central Europe are also
watching a spike in COVID-19 cases in central Europe, with the
Czech Republic tightening restrictions on Monday and looking to
avoid costly lockdown measures.
The Czech car sector is also weighing on the crown as the
global chip shortage hits production. A trader said crowded
short euro positions are being reduced, adding to the weakening.
The crown lost 0.1% to 25.70 per euro on Monday
and is down 1.2% since Czech carmaker Skoda Auto, part of the
Volkswagen group, started a two-week shutdown on Oct. 18 due to
a lack of chips.
The zloty also lost 0.1%, trading on the weak side
of 4.60 to the euro. Bank Millennium said price growth would
increase pressure on the Polish central bank - which had held
off longer than its Czech and Hungarian peers in reverting to
rate hikes - to continue to tighten policy.
"Unless anything unexpected happens, we hope that the EUR /
PLN"s stay (on the weak side of) the 4.60 barrier will be only
temporary," it said.
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