* Euro, stocks help buoy FX
* Hungary output disappoints
* Leu stuck after new IMF deal
PRAGUE, Feb 8 (Reuters) - Central European currencies edged
higher on Tuesday, with the zloty up on expectations of
upcoming monetary policy tightening in Poland while the
Hungarian forint shook off disappointing industrial data.
In Romania, the leu trailed and failed to get a boost from a
new two-year precautionary IMF deal as the country's monetary
policy outlook remains unclear.
A firming euro, the reference currency that the region
typically tracks, buoyed emerging Europe, while central European
stock markets were mostly up to add support.
The zloty <EURPLN=>, which hit its highest since mid-January
in the previous session, added 0.2 percent and the Hungarian
forint <EURHUF=> rose a similar amount.
The Czech crown <EURCZK=> gained 0.2 percent after the
number of jobless rose but not as much as expected, according to
data on Tuesday. Analysts said the figure may be a peak.
The leu <EURRON=> edged up less than 0.1 percent.
Analysts said the market looked to be entering an indecisive
period on the region's currencies after the zloty, forint and
crown posted more than 3 percent rises since the start of this
year. The crown has already started weakening but markets will
focus on inflation data due on Wednesday to gauge future moves.
"While little in terms of market-moving data is in the
offing this week, we expect the low liquidity conditions to
limit CEE gains," Danske Bank said.
Hungary's industrial output rose by an annual 8.5 percent in
December, slowing from a 14.7 percent rise in November and far
undershooting analysts' median forecast for 17.1 percent growth.
Output dropped by 11.8 percent month-on-month, and analysts
said the figure was worrying giving the strong growth in other
countries in the region, but added it was not certain it was the
start of a trend. []
"I expected higher growth, especially looking at other
output figures like those in the Czech Republic, and the demand
that is coming from Germany, primarily," said Raiffeisen Bank
analyst Zoltan Torok.
"However, I would not read too much into these figures,
monthly figures can show pretty big swings, and they have
throughout 2010. Still, this number is unsettling, and I hope
that the next one dispels worries."
Currencies are expected to gain over the year as a whole
thanks to growing economic growth and trade, along with tighter
interest rate policy. <CEEFXPOLL>
In Romania, still struggling with recession, the economy
could grow by 1.5 percent this year, International Monetary Fund
mission chief Jeffrey Franks said on Tuesday. []
Analysts said a new precautionary aid deal was a boost for
markets but that the central bank's ability to ease monetary
policy was still clouded by the inflation outlook.
"So for the time being the central bank's dilemma remains in
place, and as a result EUR-RON is likely to continue its
sideways trade," Commerzbank said.
--------------------------MARKET SNAPSHOT--------------------
Currency Latest Previous Local Local
close currency currency
change change
today in 2011
Czech crown <EURCZK=> 24.021 24.078 +0.24% +4.08%
Polish zloty <EURPLN=> 3.869 3.878 +0.23% +2.3%
Hungarian forint <EURHUF=> 267.92 268.32 +0.15% +3.75%
Croatian kuna <EURHRK=> 7.412 7.409 -0.04% -0.43%
Romanian leu <EURRON=> 4.256 4.258 +0.05% -0.54%
Serbian dinar <EURRSD=> 103.15 103.427 +0.27% +2.69%
All data taken from Reuters at 1002 CET.
Currency percent change calculated from the daily domestic
close at 1700 GMT.
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(Reporting by Reuters bureaus, writing by Jason Hovet, editing
by Stephen Nisbet)
