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Home›Serbian banks›MARKETS CEE-Forint, krona eases after strong gains in early 2022

MARKETS CEE-Forint, krona eases after strong gains in early 2022

By Corey Owens
January 13, 2022
0
0

Band Anita Komuves and Jason Hovet

BUDAPEST/PRAGUE, January 13 (Reuters) – The Czech koruna and Hungarian forint eased on Thursday as some investors posted profits after strong gains in early 2022 that were fueled by expectations of a central bank rate hike.

The krone has gained more than 2% this year, while the forint has gained nearly 4%, both supported by higher interest rates as central banks battle rising inflation.

The Czech crown EURCZK= fell 0.16% and traded at 24.375 against the common currency on Thursday after firming to its highest level since September 2011 earlier in the day.

The krone strengthened at this level after Wednesday’s CPI data bolstered expectations of further rate hikes to come. Headline inflation hit its highest level since September 2008.

The Czech National Bank said it could not rule out a double-digit rise early this year, and several central bankers this week hinted at further rising interest rates.

The Hungarian Forint EURHUF= slipped 0.15% and traded at 355.52 per euro after strengthening to a nearly four-month high in the previous session.

“When the forint touched 355, some sellers appeared, so that’s the level where the firming will stop for now,” said a Budapest-based FX trader.

On Thursday, the central bank left its one-week deposit rate unchanged at 4% in a weekly tender for the second straight week.

The bank uses the one-week deposit rate to deal with short-term market volatility and it is above its base rate of 2.4%. The next monthly rate-setting meeting will take place on January 25.

Elsewhere, the Romanian leu and the Polish zloty EURPLN=, EURRON= were a retouch, each adding 0.01%.

“The zloty…in our view, could soon have problems with further strengthening given the arguments that are gradually fading in the short term (rising interest rates) and the recurring risks (political risk in the relations with the European Union)” Bank Millennium wrote.

Shares in the region were mixed, with Budapest shedding 0.63% Prague .PX down 0.18% and Warsaw up 0.40%. Actions in Bucharest .BETI added 0.51%.

CEE MARKETS

INSTANTANEOUS

At 11:25 a.m. CET

CURRENCIES

Last

Previous

Daily

Change

bid

Close

cash

in 2022

EURCZK=

czech koruna

EURCZK=

24.3750

24.3350

-0.16%

+2.04%

EURHUF=

Hungarian forint

EURHUF=

355.5200

355.0000

-0.15%

+3.90%

EURPLN=

polish zloty

EURPLN=

4.5275

4.5280

+0.01%

+1.40%

EURRON=

leu in Romanian

EURRON=

4.9435

4.9440

+0.01%

+ 0.10%

EURHRK=

Croatian kuna

EURHRK=

7.5250

7.5255

+0.01%

-0.10%

EURRSD=

Serbian dinar

EURRSD=

117.5500

117.6000

+ 0.04%

+0.03%

Note: daily change

calculated from

1800 CET

Last

Previous

Daily

Change

Close

cash

in 2022

.PX

prague

.PX

1440.18

1442.8300

-0.18%

.BUX

Budapest

.BUX

54062.87

54405.84

-0.63%

+6.59%

.WIG20

Warsaw

.WIG20

2420.67

2411.11

+ 0.40%

+6.78%

.BETI

Bucharest

.BETI

13516.29

13447.48

+0.51%

+3.48%

.SBITOP

Ljubljana

.SBITOP

1309.64

1306.91

+0.21%

+4.31%

.CRBEX

Zagreb

.CRBEX

2161.60

2157.58

+ 0.19%

+ 3.96%

.BELEX15

Belgrade

.BELEX15

822.77

826.04

-0.40%

+ 0.24%

.SOFIX

Sofia

.SOFIX

648.44

647.06

+0.21%

+2.01%

Yield

Yield

propagated

Daily

(bid)

cash

vs. Bunds

change

Czech Republic

spread

CZ2YT=RR

2 years

CZ2YT=RR

3.9480

0.0290

+454bps

+2 base points

CZ5YT=RR

5 years

CZ5YT=RR

3.5480

-0.0110

+392 basis points

-3bps

CZ10YT=RR

10 years

CZ10YT=RR

3.2380

-0.0320

+329bps

-4bps

Poland

PL2YT=RR

2 years

PL2YT=RR

3.4180

0.0670

+401 basis points

+6 basis points

PL5YT=RR

5 years

PL5YT=RR

3.9300

-0.0250

+430 basis points

-4bps

PL10YT=RR

10 years

PL10YT=RR

4.0610

0.0390

+411 basis points

+3 basis points

CHEEKY

3×6

6×9

9×12

3M interbank

Czech Republic

CZKFRAPRIBOUR=

4.95

4.93

4.71

4.18

Hungary

OYSTERBUBOR=

4.79

4.95

4.93

4.22

Poland

PLNFRAWIBOR=

3.96

4.13

4.07

2.74

Note: ENG Quotes

are for asking prices

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

(Reporting by Anita Komuves in Budapest and Jason Hovet in Prague; Editing by Amy Caren Daniel)

((komuves.anita@thomsonreuters.com)(+36 70 795 8815))

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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