WARSAW, July 5 (Reuters) -Central European currencies were mostly flat on Friday, with investors analysing fresh data from Hungary and Poland's central bank's inflation forecasts, while the Romanian central bank may cut interest rates for the first time in three years.

Czech markets remain closed on Friday and U.S. traders return from their July 4 holiday, with the spotlight on nonfarm payrolls data later in the day. Markets are also awaiting the results of French parliamentary elections on Sunday.

Poland's central bank said in its inflation report published on Friday that the consumer price index (CPI),which slowed in the first half of 2024 back to the central bank's target range, will temporarily rise again and peak in the first quarter of 2025.

On Thursday, the central bank governor said that interest rate cuts would not take placebefore 2026 as inflation is expected to accelerate in the coming months, a day after policymakers kept the cost of credit unchanged for a ninth month in a row.

"The Polish zloty and domestic debt remain under the influence of yesterday's surprising statement by the president of the National Bank of Poland that interest rates will be reduced in 2026 at the earliest. The EUR/PLN exchange rate may move below 4.28 today," Bank Millennium analysts said.

However, the central bank's Monetary Policy Council memberLudwik Kotecki told Reuters that the council will consider cutting rates in the first half of 2025.

The zloty EURPLN= traded at 4.2835 per euro at 0842 GMT, unchanged on the day.

Focus will shift later on Friday to Romania's central bank as itmay deliver its first rate cut in three years. All but one analysts polled by Reuters earlier this week said they expect the key interest rate to be cut to 6.75% from 7% currently.

Yet, analysts expect the scope of cuts to be limited this year due to double-digit wage rises and fiscal uncertainty ahead of presidential and parliamentary elections.

"In May, the central bank cited fiscal risks, strong wage increases, and the acceleration in consumer lending as reasons to delay the first rate cut. The decision making process is data-dependent," Romanian bank BCR said.

"Although these risks are still present, inflation dropped in May much faster than anticipated, compared to both market expectations and the central bank's forecast."

On the other hand, ING said the central bank could wait for new forecasts in August before it cuts rates.

"However, it is obvious that it will be a close call. EUR/RON remains untouched, and we do not expect any changes here before the end of this year," it said in a note.

Romania's leu EURRON= was stable at 4.9773 per euro.

Elsewhere, the crown EURCZK= was 0.2% weaker at 25.1710, with local markets closed for a holiday. The Hungarian forint EURHUF= gained 0.1% to 392.30 per euro.

Reporting by Boldizsar Gyori in Budapest, Luiza Ilie in Bucharest and Anna Wlodarczak-Semczuk in Warsaw; Editing by Sonia Cheema

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