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Home›Serbian banks›CEE MARKETS-FX Drift, Delay Lows as Ukraine Remains in Focus

CEE MARKETS-FX Drift, Delay Lows as Ukraine Remains in Focus

By Corey Owens
March 11, 2022
0
0

PRAGUE, March 11 (Reuters) – Central European currencies mostly fell on Friday but held off lows hit earlier in the week, while stocks gained ground even as investors remained focused on the war in Ukraine and risks to the regional growth.

European Union leaders were holding a summit at the Palace of Versailles in France, with talks expected to be dominated by calls for more action to punish Russia for its invasion, help Ukraine and deal with an influx of near 2.5 million refugees in just two weeks.

Central Europe has been hit hard by a global flight to safer assets after Russia’s February 24 invasion of Ukraine, which prompted a series of harsh Western sanctions against Moscow.

The Hungarian forint and Polish zloty fell to record lows on Monday amid a global selloff.

The falling currencies already prompted Czech and Polish central banks to intervene in the markets last week as Hungarian policymakers raised interest rates.

The Hungarian central bank (NBH) raised its one-week deposit rate by 50 basis points to 5.85% in a weekly tender on Thursday, extending its rate-tightening campaign.

“With geopolitical risks still dominating FX and commodity price movements, we believe that the BNH will currently continue to use the one-week deposit to respond quickly to deteriorating risks by raising rates while keeping them low. now unchanged when these come lower,” Morgan Stanley said. analysts said.

the forint EURHUF= was stable on Friday at 380.11 per euro at 09:36 GMT, after a record low of 400 reached on Monday.

The zloty EURPLN= fell 0.2% to 4.793 per euro, while the Czech koruna EURCZK= also little changed at 25,216.

The Czech central bank, which raised its key rate to 4.50%, its highest level in 20 years, was the most aggressive among central European policy tighteners seen since last year as inflation s fly away. The region expects even greater price pressures due to the conflict in Ukraine.

Czech inflation could accelerate by 1 to 2 percentage points from the 11.1% recorded in February, central bank governor Jiri Rusnok said on Thursday. He said a further moderate rate hike could not be ruled out.

CEE MARKETS

INSTANTANEOUS

At 10:36 a.m. CET

CURRENCIES

Last

Previous

Daily

Change

bid

Close

change

in 2022

EURCZK=

Czech koruna

EURCZK=

25.2160

25.2125

-0.01%

-1.36%

EURHUF=

Hungarian forint

EURHUF=

380.1100

380.2100

+0.03%

-2.82%

EURPLN=

polish zloty

EURPLN=

4.7930

4.7855

-0.16%

-4.21%

EURRON=

lei in Romanian

EURRON=

4.9490

4.9493

+0.01%

-0.02%

EURHRK=

Croatian kuna

EURHRK=

7.5700

7.5675

-0.03%

-0.69%

EURRSD=

Serbian dinar

EURRSD=

117.5900

117.6500

+0.05%

-0.01%

Note: daily change

calculated from

1800 CET

INVENTORY

Last

Previous

Daily

Change

Close

change

in 2022

.PX

prague

.PX

1289.73

1284.1000

+0.44%

.BUX

Budapest

.BUX

42704.87

42028.33

+1.61%

-15.80%

.WIG20

Warsaw

.WIG20

2003.49

1970.27

+1.69%

-11.62%

.BETI

Bucharest

.BETI

11970.06

11921.85

+0.40%

-8.35%

.SBITOP

Ljubljana

.SBITOP

1091.65

1084.83

+0.63%

-13.05%

.CRBEX

Zagreb

.CRBEX

1965.16

1962.40

+0.14%

-5.49%

.BELEX15

Belgrade

.BELEX15

832.12

833.93

-0.22%

+1.38%

.SOFIX

Sofia

.SOFIX

568.95

570.49

-0.27%

-10.50%

OBLIGATIONS

Yield

Yield

propagated

Daily

(bid)

change

vs. Bunds

change

Czech Republic

spread

CZ2YT=RR

2 years

CZ2YT=RR

4.8170

-0.0060

+524bps

+2 base points

CZ5YT=RR

5 years

CZ5YT=RR

4.0110

-0.0260

+404bps

+0 basis points

CZ10YT=RR

10 years

CZ10YT=RR

3.6450

0.0010

+339 basis points

+2 base points

Poland

PL2YT=RR

2 years

PL2YT=RR

5.3340

0.0000

+575 basis points

+2 base points

PL5YT=RR

5 years

PL5YT=RR

5.4040

0.0450

+543bps

+7 basis points

PL10YT=RR

10 years

PL10YT=RR

5.0360

0.0080

+478 basis points

+2 base points

ENG

3×6

6×9

9×12

3M interbank

Czech Republic

CZKFRAPRIBOUR=

5.40

5.42

5.33

4.82

Hungary

OYSTERBUBOR=

7.90

7.79

7.61

6.19

Poland

PLNFRAWIBOR=

5.85

5.90

5.87

4.18

Note: FRA quotations correspond to asking prices

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

(Reporting by Jason Hovet in Prague and Anita Komuves in Budapest; Editing by Kim Coghill)

((jason.hovet@thomsonreuters.com))

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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