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BUCHAREST, Nov 15 (Reuters) - The Hungarian forint firmed on
Monday against the euro, a day ahead of an expected interest
rate hike, while central and east European stocks tracked
continental gains.
Markets are waiting to see how far Hungarian policymakers
are willing to hike the base rate on Tuesday.
While a Reuters poll of analysts showed an expected
30-basis-point hike to 2.1%, analysts and traders have said the
bank needs to ramp up the pace of its tightening as October
inflation jumped above expectations.
By 1055 GMT, the forint was 0.2% up against the
euro at 366.4500, reversing some of its losses from the previous
week, when a stronger dollar also weighed on the unit.
"There has not been much good news recently. The EU has a
debate with Budapest and Warsaw as well, COVID numbers are
rising, the dollar is firming and the entire emerging mood is
soured by the constantly weakening Turkish lira," an FX trader
in Budapest said.
"Everyone is waiting for the rate decision tomorrow, I have
seen bets ranging from 30 basis points up to 100 basis points. I
think a 30 basis-point hike would not be enough to help the
forint."
Elsewhere in the region, the Polish zloty, Czech
crown and Romanian leu were all flat against
the euro.
Polish interest rates are more likely to be hiked than
remain flat, a Polish state news agency (PAP) report quoted
central bank governor Adam Glapinski saying.
The bank hiked its main interest rate by 75 basis points to
1.25% in November, raising borrowing costs for the second
consecutive month.
Czech and Romanian policymakers also delivered interest rate
hikes of varying sizes to counter rising inflation.
The Czech blue-chip index led gains among regional
stocks, adding 2%, while Warsaw"s rose 1.0%,
Bucharest"s 0.8% and Budapest"s 0.5%.
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