Central European currencies under pressure from hawkish Fed
WARSAW, Sept 22 (Reuters) - Central European currencies saw muted demand on Thursday as the U.S. dollar rose after the Federal Reserve surprised markets with hawkish projections and delivered a 75-basis-point interest rate hike.
The U.S. central bank on Wednesday signalled its policy rate would rise at a faster pace and to a higher level than expected to control rampant inflation, sending the dollar to multi-year highs against other major currencies.
"Due to the substantial strengthening of the dollar, the forint's exchange rate has weakened further," brokerage Equilor said in a note, pointing to 410.22 as the next level of resistance.
The Japanese yen rose sharply on Thursday after authorities intervened in the foreign exchange market for the first time since 1998.
The Swiss National Bank and the Norges Bank also raised interest rates as expected - by 75 basis points and 50 basis points, respectively. Investors are now waiting for the Bank of England's decision and expect it to raise rates by 50 basis points.
The National Bank of Hungary left the rate on its one-week deposit tool unchanged at 11.75% at a tender earlier on Thursday, as expected. The bank will hold its next monthly rate meeting on Sept. 27, when it is also due to publish updated inflation and GDP growth forecasts.
The Hungarian forint EURHUF= was down 0.11% at 407,25 per euro, while the Polish zloty EURPLN= was up 0.06%. Elsewhere, the Czech crown EURCZK= did not change much.
"Ahead of us is an unusually busy day with meetings of important central banks. Therefore, we expect increased volatility of the remaining zloty pairs," Bank Millennium said in a note.
"In particular, the CHF/PLN exchange rate, which yesterday broke the psychological level of 5.0," it added. On Thursday, the zloty rebounded against the Swiss franc to 4.9380.
Russian president Vladimir Putin's announcement of partial mobilization on Wednesday also continued to have a negative impact on the region's currencies.
in 2022 EURCZK= Czech
EURHUF= 407.7000 407.2500
4.9430 #DIV/0! #DIV/0!
EURRSD= 117.2600 117.2900
in 2022 .PX
+0.47% -22.27% .WIG20 Warsaw
-0.46% -33.72% .BETI
-0.35% -13.83% .SBITOP Ljubljana .SBITOP
-0.37% -16.51% .CRBEX Zagreb
-5.17% .BELEX1 Belgrade <.BELEX15
vs Bund change
6.0010 -0.0180 +416bps
Czech Rep CZKFRA <
Note: FRA are for ask prices
Reporting by Krisztina Than in Budapest and Pawel Florkiewicz in Warsaw; Editing by Devika Syamnath Additional reporting by Anna Wlodarczak-Semczuk in Warsaw
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