Forint firms after cenbank hikes rates by 30 basis points



(Updates with cenbank decision, forint reaction)

By Anita Komuves

BUDAPEST, July 27 (Reuters) - The Hungarian forint firmed, rebounding from three-month lows after the central bank hiked its base rate by 30 basis points to 1.2%, above forecasts, opting to front-load its tightening cycle that it started last month in order to fight inflation.

The bank also raised its overnight deposit rate by 30 basis points to 0.25% and the collateralised loan rate by 30 basis points to 2.15%.

The bank will hold an online news conference at 1300 GMT.

"The forint is firming because this looks pretty hawkish, a 30 basis-point hike was the top of expectations. I don't think anyone expected a bigger hike than this," a Budapest-based trader said.

The forint EURHUF= was up 0.68% on the day and trading at 359.17 per euro by 1224 GMT. This level is more than half a percent stronger than the 361 level where the currency was trading immediately before the rate hike was announced.

A Reuters poll of analysts expected the National Bank of Hungary (NBH) to raise its base rate by 20 basis points to 1.1%.

The currency has been pressured in the past month by a weakening global sentiment in financial markets and debates between the Hungarian government and the EU over the disbursement of recovery funds.

Higher-than-expected June inflation also put a pressure on the forint. Hungary's headline inflation rate HUCPIY=ECI accelerated to an annual 5.3% in June from 5.1% in May, its highest in nearly a decade.

Commerzbank expects a 1.50% policy rate by the end of the NBH's tightening cycle.

"It would not matter much for the EUR-HUF exchange rate whether this is implemented in four 15bp steps, or a more front-loaded combination of 30bp steps. In any case, 1.50% rate would not be high enough to produce a stable exchange rate when inflation is running at 5%," Commerzbank analysts wrote.

Elsewhere, the Czech crown EURCZK= edged up 0.01% to 25.6800 per euro and the Polish zloty EURPLN= added 0.1% and was trading at 4.5895 as the global risk-off mood kept pressuring currencies in the region.

Most stocks in the region fell, with Warsaw .WIG20 leading losses with a 0.88% decline.

CEE

SNAPSHO AT

MARKETS T

1424 CET

CURRENC

IES

Latest Previous Daily

Change

bid

close

change in 2021 EURCZK= Czech

<EURCZK= 25.6800 25.6820 +0.01% +2.14%

crown

>

EURHUF= Hungary <EURHUF= 359.170 361.6000 +0.68% +0.99%

forint >

0

EURPLN= Polish <EURPLN= 4.5895

4.5940 +0.10% -0.66%

zloty

>

EURRON= Romania <EURRON= 4.9195

4.9188 -0.01% -1.11%

n leu

>

EURHRK= Croatia <EURHRK= 7.5040

7.5183 +0.19% +0.58%

n kuna >

EURRSD= Serbian <EURRSD= 117.450 117.5500 +0.09% +0.10%

dinar

>

0

Note:

calculated from

1800

daily

CET

change

Latest Previous Daily

Change

close

change in 2021 .PX

Prague

.PX

1197.27 1198.420 -0.10% +16.56

0

% .BUX

Budapes .BUX

46995.5 46952.76 +0.09% +11.61

t

0

% .WIG20 Warsaw

.WIG20 2220.92 2240.65 -0.88% +11.94

% .BETI

Buchare .BETI

11918.7 11964.20 -0.38% +21.55

st

5

% .SBITOP Ljublja <.SBITOP 1142.05 1141.80 +0.02% +26.77

na

>

% .CRBEX Zagreb

.CRBEX 1933.10 1929.65 +0.18% +11.14

% .BELEX1 Belgrad <.BELEX1 776.52

775.00 +0.20% +3.73% 5

e

5>

.SOFIX Sofia

.SOFIX

565.40

568.39 -0.53% +26.34

%

Yield

Yield

Spread Daily

(bid)

change

vs Bund change

in

Czech

spread

Republi

c

CZ2YT=R

<CZ2YT=R 1.3940 -0.0030 +213bp

+1bps R

2-year R>

s CZ5YT=R

<CZ5YT=R 1.6020 -0.0150 +232bp

+0bps R

5-year R>

s CZ10YT=

<CZ10YT= 1.6990 -0.0100 +213bp

+1bps RR

10-year RR>

s

Poland

PL2YT=R

<PL2YT=R 0.3800

0.0110 +112bp

+2bps R

2-year R>

s PL5YT=R

<PL5YT=R 1.0040 -0.0320 +172bp

-2bps R

5-year R>

s PL10YT=

<PL10YT= 1.5230 -0.0150 +196bp

+1bps RR

10-year RR>

s

FORWARD

3x6

6x9

9x12

3M

interba

nk

Czech

CZKFRA

1.21

1.54

1.73

0.71

Rep

<PRIBOR=

>

Hungary HUFFRA

1.72

1.95

2.02

1.07

BUBOR=

Poland

PLNFRA

0.28

0.37

0.48

0.21

WIBOR=

Note:

are for ask

FRA

prices

quotes

*********************************************

*****************


Reporting by Anita Komuves; Editing by Susan Fenton and Giles Elgood

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