BUDAPEST, Nov 24 (Reuters) - The Hungarian forint gained Wednesday, after hitting a record low in the previous session, while long-term government bond yields retreated in a market move that traders and analysts said was a correction. The Hungarian forint was up 0.54% on the day and trading at 368.03 to the euro. The currency firmed more than 1% since hitting 372 versus the euro on Tuesday when a surge in COVID-19 cases and expectations for further rate hikes by the Hungarian central bank added to global woes. Hungary reported a record 12,637 new daily coronavirus cases on Wednesday, while other CEE countries are also experiencing a similar surge. read more "The pressure on the forint is still there, so there is pressure on the central bank to significantly hike its one-week depo rate on Thursday," an FX trader in Budapest said. "About 30 basis points would be enough for investors." The bank sets its one-week deposit rate every Thursday. Hungary"s central bank raised its one-week deposit rate by 70 bps to 2.5% at its weekly tender last Thursday, following a 30 bps benchmark base rate hike, and pledged to continue the tightening as long as necessary. Long-term government bond yields retreated on Wednesday about 10 basis points after a jump of more than 50 basis points in total in the first two days of the week. "The recent surge in yields was too much for the market, so the trend turned around today as the forint is also firming," a fixed-income trader in Budapest said. The yield on the 10-year bond was around 4.49%. "Everything with a yield over 4.5% is attractive to investors at the moment," another trader said. The Polish zloty also gained, still hovering near 12-year lows as it was under pressure from a stronger dollar, a resurgence in virus cases and the migration crisis on the Belarus border. The currency added 0.61%, trading at 4.6787 versus the euro, after Central Bank Governor Adam Glapinski said recent Polish rate hikes should help the zloty, adding that the situation in Poland was not comparable to Turkey, where the lira has crashed. read more Elsewhere, the Czech crown added 0.09% and was trading at 25.502 per euro. Stock markets in the region were mixed, with Warsaw (.WIG20) edging down 0.08%, while Budapest (.BUX) added 1.02%. Equities in Prague (.PX) and Bucharest (.BETI) rose 0.47% each.