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UPDATE 1-CEE MARKETS-Zloty slips from 5-week high after Polish rate hike disappoints

·3-min read

(Updates prices following Polish rate decision) By Jason Hovet and Alan Charlish PRAGUE/WARSAW, Dec 8 (Reuters) - The zloty fell from a five-week high on Wednesday after the Polish central bank's interest rate hike fell short of what many market players were expecting. Central banks around the region have hiked rates in recent months to battle surging price growth fuelled by both external and domestic factors. Tighter policy, meanwhile, is adding support for currencies. Poland's central bank on Wednesday raised its main interest rate to 1.75% from 1.25%, delivering a 50 basis point hike in line with analysts' estimates but short of a heftier move than what many had priced in. "The market was discounting around 75 bps, so it's a bit of a disappointing decision from the market's perspective," a Warsaw-based currency trader said, adding profit-taking and stop-losses followed the decision. The zloty traded 0.7% lower on Wednesday at 4.615 to the euro in late trade at 1640 GMT, extending earlier losses. With tighter monetary policy in the region, currencies are set to gain in the next year, according to Reuters polls, although a stronger U.S. dollar and political risks like Warsaw and Budapest's disputes with the European Union over rule of law and other issues can prove to be a drag. In Hungary, inflation data showed the headline rate spiking almost a full percentage point to 7.4% in November. The forint, after languishing with other currencies in the region before the Polish rate decision, rose 0.3% to 366.0 per euro. Czech inflation data was due Friday and also expected to show a jump after rising to 5.8% in October, the highest rate since 2008. The crown dipped 0.1% to 25.48 to the euro on Wednesday. CEE SNAPSHO AT MARKETS T 1740 CET CURRENC IES Latest Previou Daily Change s bid close change in 2021 EURCZK Czech EURHUF Hungary 0 0 EURPLN Polish EURRON Romanian EURHRK Croatian EURRSD Serbian 0 0 Note: calculated from 1800 daily CET change STOCKS Latest Previou Daily Change s close change in 2021 .PX Prague 1398.84 1387.24 +0.84% +36.19 00 % .BUX Budapest 51261.6 51268.6 -0.01% +21.74 3 5 % .WIG20 Warsaw <.WIG20 2219.62 2231.12 -0.52% +11.88 > % .BETI Buchares 12598.4 12519.2 +0.63% +28.48 t 4 7 % .SBITO Ljubljan <.SBITO 1231.38 1230.12 +0.10% +36.69 P a P> % .CRBEX Zagreb <.CRBEX 1995.79 2003.15 -0.37% +14.75 > % .BELEX Belgrade <.BELEX 833.75 832.66 +0.13% +11.37 15 15> % .SOFIX Sofia <.SOFIX 621.73 627.19 -0.87% +38.92 > % BONDS Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic CZ2YT= 2-year s CZ5YT= 5-year s CZ10YT s Poland PL2YT= 2-year s PL5YT= 5-year s PL10YT s FRA 3x6 6x9 9x12 3M interba nk Czech Hungary Poland Note: FRA quotes are for ask prices ******************************************** ****************** (Reporting by Jason Hovet in Prague, Anita Komuves in Budapest, Pawel Florkiewicz and Alan Charlish in Warsaw, Editing by Angus MacSwan and Shinjini Ganguli)

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