CEE MARKETS-FX lifted by the dollar's easing, brighter market mood
By Anita Komuves
BUDAPEST, April 29 (Reuters) - Central European currencies firmed on Friday, stabilising after a week of turmoil caused by concerns over Europe's energy security, while data showed bigger than expected GDP growth in the Czech Republic and a rise in Polish inflation in April.
"The mood is a bit brighter today and it is helping that the dollar is giving up some of this week's gains. If it weakens a bit more, that could help all CEE currencies strengthen," a FX trader in Budapest said.
Currencies in the region recouped some losses in a correction on Thursday after an announcement by Russian energy company Gazprom that it was halting gas supplies to Bulgaria and Poland drove them down earlier in the week.
The Polish zloty EURPLN= was up 0.48% on the day, trading at 4.6675 versus the common currency after a flash April inflation reading showed a bigger than expected 12.3% rise in annual inflation. nS8N2W404O
The Czech crown EURCZK= firmed 0.1% to 24.550 to the euro, trading within its recent range and near levels seen before Russia invaded Ukraine on Feb 24.
Data showed on Friday that the Czech economy grew by 4.6% year-on-year, faster than expected, as it was boosted by household consumption while foreign trade lagged. nS8N2S6018
Investors also await central bank meetings in Poland and the Czech Republic next week.
Central bankers in both countries meet on May 5 and both banks are widely expected to raise rates given a continued surge in inflation whose affects are being felt around the region as it drives up borrowing costs.
In Hungary, the central bank raised its base rate by another 100 basis points to 5.4% on Tuesday and followed that up with a 30 basis point hike of the one-week deposit rate on Thursday at its weekly tender. nL5N2WO2QMnL2N2WQ0KC
The forint largely ignored rate hikes that had been priced in by markets and the currency's rate has been driven by international events, traders and analysts said.
The forint EURHUF= was up 0.29% on the day and trading at 377.40 per euro, weaker than the levels seen before the rate hikes.
CEE MARKETS |
SNAPSHOT |
AT 1009 CET |
||||
CURRENCIES |
||||||
Latest |
Previous |
Daily |
Change |
|||
bid |
close |
change |
in 2022 |
|||
EURCZK= |
Czech crown |
EURCZK= |
24.5500 |
24.5750 |
+0.10% |
+1.31% |
EURHUF= |
Hungary forint |
EURHUF= |
377.4000 |
378.5000 |
+0.29% |
-2.12% |
EURPLN= |
Polish zloty |
EURPLN= |
4.6675 |
4.6900 |
+0.48% |
-1.64% |
EURRON= |
Romanian leu |
EURRON= |
4.9490 |
4.9510 |
+0.04% |
-0.02% |
EURHRK= |
Croatian kuna |
EURHRK= |
7.5680 |
7.5695 |
+0.02% |
-0.67% |
EURRSD= |
Serbian dinar |
EURRSD= |
117.6400 |
117.6600 |
+0.02% |
-0.05% |
Note: daily change |
calculated from |
1800 CET |
||||
Latest |
Previous |
Daily |
Change |
|||
close |
change |
in 2022 |
||||
.PX |
Prague |
.PX |
1350.27 |
1367.5800 |
-1.27% |
|
.BUX |
Budapest |
.BUX |
44304.29 |
43549.19 |
+1.73% |
-12.65% |
.WIG20 |
Warsaw |
.WIG20 |
1909.51 |
1884.42 |
+1.33% |
-15.77% |
.BETI |
Bucharest |
.BETI |
12880.58 |
12769.93 |
+0.87% |
-1.38% |
.SBITOP |
Ljubljana |
.SBITOP |
1172.39 |
1170.51 |
+0.16% |
-6.62% |
.CRBEX |
Zagreb |
.CRBEX |
2128.18 |
2127.47 |
+0.03% |
+2.35% |
.BELEX15 |
Belgrade |
.BELEX15 |
826.89 |
832.79 |
-0.71% |
+0.74% |
.SOFIX |
Sofia |
.SOFIX |
613.39 |
610.55 |
+0.47% |
-3.51% |
Yield |
Yield |
Spread |
Daily |
|||
(bid) |
change |
vs Bund |
change in |
|||
Czech Republic |
spread |
|||||
CZ2YT=RR |
2-year |
CZ2YT=RR |
5.1760 |
-0.1310 |
+496bps |
-16bps |
CZ5YT=RR |
5-year |
CZ5YT=RR |
4.6490 |
-0.0270 |
+401bps |
-4bps |
CZ10YT=RR |
10-year |
CZ10YT=RR |
4.3410 |
0.0010 |
+346bps |
+2bps |
Poland |
||||||
PL2YT=RR |
2-year |
PL2YT=RR |
6.8180 |
0.1110 |
+660bps |
+8bps |
PL5YT=RR |
5-year |
PL5YT=RR |
6.9180 |
0.0910 |
+628bps |
+8bps |
PL10YT=RR |
10-year |
PL10YT=RR |
6.4290 |
0.1120 |
+555bps |
+13bps |
FORWARD |
||||||
3x6 |
6x9 |
9x12 |
3M interbank |
|||
Czech Rep |
CZKFRAPRIBOR= |
6.07 |
6.06 |
6.00 |
5.43 |
|
Hungary |
HUFFRABUBOR= |
7.84 |
8.15 |
8.25 |
6.75 |
|
Poland |
PLNFRAWIBOR= |
7.61 |
7.62 |
7.61 |
5.95 |
|
Note: FRA quotes |
are for ask prices |
|||||
************************************************************** |
||||||
(Editing by Barbara Lewis)
((komuves.anita@thomsonreuters.com)(+36 70 795 8815))
For related news and prices, click on the codes in brackets: All emerging market news EMRG CEEU CEE/ Spot FX rates Eastern Europe spot FX EEFX= Middle East spot FX MEFX= Asia spot FX ASIAFX= Latin America spot FX LATAMFX= Other news and reports World central bank news CEN Economic Data Guide ECONGUIDE Official rates GLOBAL/INT Emerging Diary EMRG/DIARY Top events M/DIARY Diaries DIARY Diaries Index IND/DIARY