CEE MARKETS-Zloty wins as markets remain under pressure
PRAGUE, June 17 (Reuters) – The Polish zloty rose from a 12-week low to rebound the most among Central European currencies on Friday, while the Czech koruna clung inside its recent narrow range.
Stocks were mixed and the Hungarian forint rose as markets stabilized somewhat after assets in the region came under pressure amid a global pullback from riskier assets this week.
The zloty EURPLN=, with local markets returning to action after a bank holiday Thursday, strengthened 0.7% to 4.697 per euro at 09:52 GMT. Warsaw shares caught up to their peers after the one-day break and fell as much as 2% before stabilizing at 0.5% by midday.
Analysts, however, doubted the zloty would sustain its gains amid deteriorating investor sentiment, with major central banks led by the US Federal Reserve tightening monetary policy. Fears of a recession grew as the Fed cut its economic growth forecast, putting pressure on emerging assets in Central Europe.
“An attempt to strengthen the Polish currency, apart from an increase in risk appetite – which we are not currently counting on – would, in our view, require signals from the Monetary Policy Council on the willingness of new solid interest rate hikes,” Millenium said. said the bank.
Remarks by National Bank of Poland Governor Adam Glapinski last week that the bank was near the end of its tightening cycle put pressure on the zloty.
In Hungary, the central bank unexpectedly raised its one-week deposit rate on Thursday, offering a 50 basis point increase.
the forint EURHUF= edged up 0.3% on Friday to 398.60 per euro, but remained stuck just past recent all-time lows.
The crown EURCZK= firmed 0.2% to 24.701 per euro as markets look to a Czech central bank meeting next week. Investors expect another big rate hike, possibly 100 basis points depending on market prices, as the board meets under its current composition for the time being.
From July, current board member Ales Michl, who opposed rate hikes, will take over as governor. His appointment in May hit the crown amid expectations of a dovish turn by the bank, forcing the central bank to step in to boost the currency.
Comments from Governor Jiri Rusnok and another central bank policymaker showed the bank is ready to act, and the krone is in a range of around 24.70 to the euro.
Societe Generale analysts, using central bank balance sheet data, estimated that the bank may have sold up to 5 billion euros ($5.26 billion), or about 3% of its huge international reserves. , since last month to defend the crown.
CEE MARKETS
INSTANTANEOUS
At 11:52 a.m. CET
CURRENCIES
Last
Previous
Daily
To change
offer
close
change
in 2022
EURCZK=
Czech koruna
EURCZK=
24.7010
24.7410
+0.16%
+0.69%
EURHUF=
Hungarian forint
EURHUF=
398.6000
399.7000
+0.28%
-7.33%
EURPLN=
polish zloty
EURPLN=
4.6970
4.7315
+0.73%
-2.26%
EURRON=
lei in Romanian
EURRON=
4.9478
4.9460
-0.04%
+0.01%
EURHRK=
Croatian kuna
EURHRK=
7.5200
7.5245
+0.06%
-0.03%
EURRSD=
Serbian dinar
EURRSD=
117.3700
117.4300
+0.05%
+0.18%
Note: daily change
calculated from
1800 CET
Last
Previous
Daily
To change
close
change
in 2022
.PX
prague
.PX
1292.71
1286.5500
+0.48%
#ASSESS!
.BUX
Budapest
.BUX
39028.05
39224.77
-0.50%
-23.05%
.WIG20
Warsaw
.WIG20
1697.82
1707.11
-0.54%
-25.10%
.BETI
Bucharest
.BETI
12147.53
12065.95
+0.68%
-7.00%
.SBITOP
Ljubljana
.SBITOP
1149.62
1152.30
-0.23%
-8.43%
.CRBEX
Zagreb
.CRBEX
2006.84
2037.66
-1.51%
-3.49%
.BELEX15
Belgrade
.BELEX15
821.28
820.39
+0.11%
+0.06%
.SOFIX
Sofia
.SOFIX
611.97
611.73
+0.04%
-3.73%
Yield
Yield
Spread
Daily
(offer)
change
vs. Bunds
to change
Czech Republic
spread
CZ2YT=RR
2 years
CZ2YT=RR
6.5640
-0.1140
+549bps
-5bps
CZ5YT=RR
5 years
CZ5YT=RR
6.1130
-0.0770
+468bps
+2 base points
CZ10YT=RR
10 years
CZ10YT=RR
5.7480
-0.2020
+411 basis points
-15bps
Poland
PL2YT=RR
2 years
PL2YT=RR
7.8710
-0.0140
+679 basis points
+5 base points
PL5YT=RR
5 years
PL5YT=RR
8.1680
0.0660
+674 basis points
+16 basis points
PL10YT=RR
10 years
PL10YT=RR
7.9100
0.0070
+627 basis points
+6 basis points
FORWARD
3×6
6×9
9×12
3M interbank
Czech Republic
CZKFRAPRIBOUR=
7.66
7.83
7.76
6.52
Hungary
OYSTERBUBOR=
9.47
9.75
9.93
7.60
Poland
PLNFRAWIBOR=
8.26
8.41
8.38
6.84
Note: ENG Quotes
are for asking prices
************************************************** **** ***********
($1 = 0.9508 euros)
(Reporting by Jason Hovet in Prague, Gergely Szakacs in Budapest and Anna Koper in Warsaw Editing by Tomasz Janowski)
((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.