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(Updates with Czech cenbank decision, analyst comments, market
reaction)
By Anita Komuves and Jason Hovet
BUDAPEST/PRAGUE, Nov 4 (Reuters) - The Czech crown extended
its gains on Thursday after the central bank delivered a
larger-than-expected rate hike amid soaring inflation, raising
its main rate above the level last seen before the pandemic.
The Czech National Bank raised its two-week repo rate
by 125 basis points to 2.75%, delivering a hike
that no analyts expected in a Reuters poll. The move comes after
a surprise 75-basis-point hike in September.
"The tightening cycle still has some way to go and the risks
to our view for rates to reach 3.25% in 2022 are firmly to the
upside," Liam Peach, economist at Capital Economics, wrote in a
note.
The crown jumped 0.3% immediately after the
decision and traded 0.41% stronger on the day at 25.43 versus
the euro at 1405 GMT, outperforming its regional peers, which
eased.
The market was pricing in a hike of about 100 basis points,
a trader in Prague said, which means that "125 basis points were
not that much of a surprise."
"It looks like rate hikes, even those bigger than expected,
do not have that much of an impact on exchange rates these
days."
The Polish zloty slid 0.13% to 4.6009 and was
still mildly in the red for the year, failing to benefit from
Wednesday"s larger-than-expected 75 basis-point interest rate
hike by the central bank in Poland.
Based on the "the NBP projecting inflation to remain
persistently high in 2022 and 2023, we now expect a steeper and
more front-loaded hiking cycle that will put the NBP on the same
page with the rest of the CEE central banks," Morgan Stanley
said in a note.
The Hungarian forint eased 0.26% and was trading
at 359.95 per euro.
Central banks across Central Europe have been raising rates
since June amid a strong recovery from the coronavirus pandemic
to fend off a surge in inflation driven by global supply
bottlenecks and local factors such as tight labour markets.
CEE SNAPSHO AT
MARKETS T 1505 CET
CURRENC
IES
Latest Previous Daily Change
bid close change in 2021
EURCZK= Czech
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