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PRAGUE, Nov 8 (Reuters) - The crown settled near a 21-month
high on Monday, after a jump last week when the Czech National
Bank delivered its biggest interest rate hike in nearly a
quarter of a century, while Hungary"s forint eased off its own
one-month high.
With central European policymakers all turning to interest
rate hikes to tackle surging inflation - even as the European
central bank looks through the price growth and stands pat on
its policy - currencies have started returning to gains.
At the same time, however, a stronger U.S. dollar amid
tapering from the Federal Reserve is cutting some risk appetite
and affecting the region, which is also grappling with a slowing
recovery due to global supply disruptions and a rising number of
COVID-19 cases that have made investors cautious.
The crown, though, has continued to outperform peers and
received a boost last week when the central bank lifted its base
rate by 125 basis points to 2.75%, a steeper increase than
anyone expected.
The currency had edged up 0.05% to trade at 25.22
to the euro by 1057 GMT, off a high of 25.185 hit on Friday.
In Hungary, the forint lost 0.3% and just about
held on to the strong side of the psychological 360 per euro
level.
Equilor analysts said the 358 level would give some
resistance to continued gains. "If that... is broken, the forint
can test the 200-day moving average at 356.50," Equilor said.
The Polish zloty also held steady along with
Romania"s leu.
The zloty has retreated from highs last week hit after the
Polish central bank surprised for a second straight month with a
75-basis-point rate hike. The view was tempered after central
bank Governor Adam Glapinski was quoted as saying no more rate
hikes would be necessary, although others have shown support for
more tightening.
Markets will be tuned to a Romanian rate decision on
Tuesday, with another hike expected.
"We expect the Romanian central bank to raise the key rate
by 50bps to 2%, although in light of the recent surprises
delivered in Czechia and Poland, we see risks of a bolder 75bps
move," Erste Group Bank said.
A slew of fresh inflation data is also due this week with
expectations of a continued surge in prices. Polish inflation
soared to 6.8% in October, preliminary statistics office data
showed at the end of the month.
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