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CEE MARKETS-Stocks, currencies rise on Fed chief's dovish signal

·2 min read

BUCHAREST, July 29 (Reuters) - Most central European stocks and currencies tracked broader markets higher on Thursday, after U.S. Federal Reserve Chair Jerome Powell indicated the central bank would wait further to taper stimulus. Powell on Wednesday said the job market needed to recover more before the Fed considers pulling back its support aimed at countering the economic damage from the COVID-19 pandemic. By 0930 GMT, Hungary's benchmark index led gains in the region, adding 1.4%. Poland's was up 0.7%, Romania's 0.2% and Czech equities 0.1%. The Hungarian forint rose 0.4% to a near one-week high against the euro at 358.8700. The Czech crown was up 0.3% at 25.5380. In June, the Czech and Hungarian central banks became the European Union's first policymakers to tighten interest rates since the pandemic hit, faced with strong inflationary pressures. Hungary further raised rates by more than expected on Tuesday and said it would take "firm steps" on a monthly basis to rein in inflation. Czech deputy central bank governor, Tomas Nidetzky, also said earlier this week he supported a swift pace of raising borrowing costs. "Based on domestic monetary policy, both the crown and forint have room to outperform the zloty and the other major EM currencies in the coming weeks," Unicredit said in a note. Elsewhere in the region, the Polish zloty was 0.2% higher against the euro. The Romanian leu was flat. Romania's central bank does not plan to hike its benchmark interest rate at its next meeting in August, although it is assessing a timeline for a return to policy normalisation. CEE SNAPSHO AT MARKETS T 1145 CET CURRENC IES Latest Previou Daily Change s bid close change in 2021 Czech Hungary 0 0 Polish Romanian Croatian Serbian 0 0 Note: calculated from 1800 daily CET change Latest Previou Daily Change s close change in 2021 Prague 1200.69 1200.60 +0.01% +16.90 00 % Budapest 48111.5 47527.5 +1.23% +14.26 1 3 % Warsaw 2265.19 2245.76 +0.87% +14.17 % Buchares 11850.3 11809.4 +0.35% +20.85 t 0 3 % Ljubljan <.SBITOP 1159.13 1150.57 +0.74% +28.67 a > % Zagreb 1942.88 1934.02 +0.46% +11.71 % Belgrade <.BELEX1 775.66 775.66 +0.00% +3.61% 5> Sofia 571.69 572.22 -0.09% +27.74 % Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic 2-year s 5-year s s Poland 2-year s 5-year s s FORWARD 3x6 6x9 9x12 3M interba nk Czech 1.26 1.62 1.91 0.72 Rep Hungary 1.90 2.04 2.16 1.35 Poland 0.31 0.43 0.57 0.21 Note: are for ask FRA prices quotes ********************************************* ***************** (Reporting by Luiza Ilie; Editing by Ramakrishnan M.)