By Krisztina Than

BUDAPEST, Jan 23 (Reuters) -Hungary's forint EURHUF= eased on Monday after ratings agency Fitch on Friday revised its outlook on Hungary's debt rating to negative from stable, while a weaker dollar and lower gas prices continued to support the region's currencies.

Investors were cautious ahead of the National Bank of Hungary's (NBH) first monthly rate meeting this year, due on Tuesday. The central bank is expected to keep its main rates on hold as it is still facing upside inflation risks. Inflation was running at an annual 24.5% in December.

However, after the forint's gains this year, market players will be eyeing any hints of policy normalisation going forward after a string of rate increases last year, including an emergency move in October to launch a daily deposit at an 18% rate to shore up the currency. Hungary has the European Union's highest interest rates.

At 0810 GMT, the forint was 0.11% weaker against the euro at 393.85 and by 0851 GMT it extended losses to 395.20. However, it was still stronger than its levels of around 400 at the end of 2022.

"While we do not expect any change in the level of interest rates, we believe that the central bank may begin preparation for the normalisation of rates," analysts at Erste said in a research note.

"We believe that the Czech National Bank is most likely to be the first to begin with monetary easing in the second half of the year."

While the forint has gained this year as the mood in global markets improved, a peak in inflation is still hard to predict and Hungary has still not managed to unblock EU funding, which was suspended amid a rule of law dispute with Brussels. Fitch said it expected a high probability of delays in the disbursement of EU funds to Hungary.

A Reuters poll published on Friday predicted the NBH would leave its base rate unchanged at 13% on Tuesday.

ING analysts said they expected "the hawkish NBH to dampen the current market speculation on an early rate cut, which should be positive for the forint."

Elsewhere, ING said the Czech crown EURCZK= would likely remain near 24.00 to the euro and the Polish zloty could firm below 4.70 versus the euro. On Monday the crown was steady at 23.898. The zloty EURPLN= eased 0.08%.

Bank Millenium analysts said that due to uncertainty over the unblocking of EU funds for Poland, "the zloty - despite the rising eurodollar - remains under moderate pressure from sellers."

Reporting by Krisztina Than in Budapest, Jason Hovet in Prague; and Anna Wlodarczak-Semczuk in Warsaw, Editing by Sharon Singleton

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