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Home›Serbian banks›CEE MARKETS-FX Companies As Investors Consider Further Rate Hikes

CEE MARKETS-FX Companies As Investors Consider Further Rate Hikes

By Corey Owens
October 14, 2021
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October 14 (Reuters) – Central European currencies were firmer on Thursday as investors focused on the prospect of further rate hikes in the region.

The region’s central banks have raised borrowing costs to cope with one of the highest inflation rates in the European Union, Poland – where most rate regulators had previously remained accommodating – offering an unexpected rise of 40 basis points last week.

“The zloty appreciates alongside expectations of higher interest rates this year (quotes on the FRA curve assume a 50bp rate hike this year),” PKO BP analysts said in a note.

“In addition, the valuation of PLN is also supported by global market sentiment, which has improved slightly in recent days.”

At 0854 GMT, the Polish zloty EURPLN = was 0.24% stronger against the euro at 4.571, while the Hungarian forint EURHUF = was 0.19% firmer at 359.60 and the Czech crown EURCZK = was 0.06% stronger at 25.371.

The Polish 10-year benchmark yield PL10YT = RR hovered near 2.5-year highs at 2.71% after rising sharply on Wednesday. The Czech 10-year rate CZ10YT = RR rose 2 basis points to 2.375%.

“The liquidation of Polish bonds has accelerated … as the markets anticipate a rather aggressive rise by the National Bank of Poland,” said Wojciech Mazurkiewicz, economist at Santander Bank Polska.

Poland’s central bank on Wednesday bought government and government-guaranteed bonds worth a total of PLN 578 million. She had offered to buy bonds worth 1 billion zlotys, much less than in previous auctions.

“The October auction confirms that the purchase of assets by the NBP is in practice on the way to a halt,” PKO BP said.

Scholarships in Budapest .BUX and Warsaw .WIG20 were 0.46% and 0.59% higher respectively, while the main Prague index .PX has changed little.

In Poland, participation in clothing retailer CCC CCCP.WA rose 2.8% after its second quarter net result turned into a profit of 100.0 million zlotys.

CEEC MARKETS

INSTANTANEOUS

At 1054 CET

COINS

Latest

Previous

Daily

Switch

offer

close

cash

in 2021

EURCZK =

czech crown

EURCZK =

25.3710

25.3850

+ 0.06%

+ 3.38%

EURHUF =

Hungarian forint

EURHUF =

359.6000

360,2900

+ 0.19%

+ 0.87%

EURPLN =

Polish Zloty

EURPLN =

4.5710

4.5820

+ 0.24%

-0.26%

EURRON =

leu in Romanian

EURRON =

4.9495

4.9500

+ 0.01%

-1.71%

EURHRK =

Croatian Kuna

EURHRK =

7.5100

7.5183

+ 0.11%

+ 0.50%

EURRSD =

Serbian dinar

EURRSD =

117.5000

117.5500

+ 0.04%

+ 0.06%

Note: daily change

calculated from

1800 CET

Latest

Previous

Daily

Switch

close

cash

in 2021

.PX

Prague

.PX

1366.17

1365.6400

+ 0.04%

+33.01%

.BUX

Budapest

.BUX

54986.99

54733.73

+ 0.46%

+ 30.59%

.WIG20

Warsaw

.WIG20

2466.36

2451.89

+ 0.59%

+ 24.31%

.BETI

Bucharest

.BETI

12785.61

12745.39

+ 0.32%

+ 30.39%

.SBITOP

Ljubljana

.SBITOP

1169.94

1164.98

+ 0.43%

+ 29.87%

.CRBEX

Zagreb

.CRBEX

2049.87

2045.58

+ 0.21%

+ 17.86%

.BELEX15

Belgrade

.BELEX15

790.20

789.67

+ 0.07%

+ 5.56%

.SOFIX

Sofia

.SOFIX

568.69

572.57

-0.68%

+ 27.07%

Yield

Yield

Broadcast

Daily

(offer)

cash

against the Bund

switch

Czech Republic

broadcast

CZ2YT = RR

2 years

CZ2YT = RR

2.3480

0.0340

+ 302bps

+ 4bps

CZ5YT = RR

5 years

CZ5YT = RR

2.3640

0.0300

+ 287bp

+ 5bps

CZ10YT = RR

10 years

CZ10YT = RR

2.3750

0.0210

+253 bp

+ 4bps

Poland

PL2YT = RR

2 years

PL2YT = RR

1.6340

-0.0940

+ 231bps

-9bps

PL5YT = RR

5 years

PL5YT = RR

2.2040

-0.0780

+ 271bp

-6bps

PL10YT = RR

10 years

PL10YT = RR

2.7110

-0.0010

+ 286bps

+ 2bps

CHEEKY

3×6

6×9

9×12

3M Interbank

Czech Republic

CZKFRAPRIBOR =

3.09

3.34

3.16

1.98

Hungary

HUFFRABUBOR =

2.42

2.81

3.01

1.85

Poland

PLNFRAWIBOR =

1.43

1.82

2.18

0.68

Note: quotes from FRA

are for the asking prices

************************************************** ************

(Reporting by Alan Charlish in Warsaw, Anita Komuves in Budapest and Jason Hovet in Prague; edited by Uttaresh.V)

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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