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The Hungarian forint hit a
two-week low on Thursday, underperforming regional peers as a
firmer dollar pressured emerging markets and uncertainty
prevailed over the pace of a rate hike by the country"s central
bank next week.
Budapest stocks lost 0.72% as energy group MOL
dropped after the government said it would impose a cap on fuel
prices to keep a lid on surging inflation.
MOL"s stock slid over 6% to a 1-1/2-month low, before paring
losses to trade down 3.66% by 1132 GMT.
The forint fell 0.66% to 356.75 against the euro
as a strong dollar weighed on emerging currencies, three FX
traders in Budapest said.
The greenback was perched at 20-month highs against the euro
and other currencies after the hottest U.S. inflation reading in
a generation encouraged bets on interest rate hikes.
"The uncertainty ahead of the rate meeting is adding to the
forint"s woes," one trader said. "Everyone is trying to figure
out how far the bank is willing to go. Investors agree that a 15
basis-point hike is not going to be enough."
"The market is not yet convinced that the bank is willing to
deliver a hefty hike, and that shows in the price," another
trader said.
The National Bank of Hungary (NBH) slowed the pace of its
tightening in September and hiked its base rate by 15 basis
points in September and then again in October.
A Reuters poll of analysts expects a 30 basis-point hike to
2.1% on Tuesday after larger-than-expected hikes by the Czech
and Polish central banks and a surge in inflation that appears
to have caught the NBH off guard.
Hungarian inflation jumped to 6.5% year-on-year in October.
The Czech crown eased 0.31% to 25.2850 versus the
common currency.
The Romanian leu was a touch higher after the
central bank significantly lifted its annual inflation forecast,
expecting inflation to reach 7.5% in December, compared with a
previous forecast of 5.6%.
Markets in Poland were closed for a national holiday.
CEE SNAPSHO AT
MARKETS T 1232 CET
CURRENC
IES
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EURCZK= Czech
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