Currencies flat as markets await data and banker statements
By Anita Komuves
BUDAPEST, Sept 2 (Reuters) -Central European currencies were little changed on Monday as the Labor Day holiday in the United States made trading thin and investors awaited economic data and comments from central bankers later in the week.
The Hungarian forint EURHUF= edged down 0.05% to trade at 392.7 versus the common currency.
A Forex trader in Budapest, speaking on condition of anonymity, said Hungarian GDP data on Tuesday could influence the forint, although the bigger impact could be from U.S. non-farm payroll data if it changes Fed rate expectations and moves the dollar.
U.S. employment data, including the payrolls report for August, could help to determine the extent of an all-but-certain September interest rate cut by the Federal Reserve.
Markets were also looking ahead to speeches by Hungarian Central Bank Governor Gyorgy Matolcsy and Economic Minister Mihaly Varga, ING wrote in a note. Matolcsy is scheduled to speak on Thursday while Varga is speaking on Friday.
In Poland, the zloty EURPLN= edged up 0.05% to trade at 4.28 versus the common currency.
"On the one hand, the zloty may be under pressure from the strengthening of the dollar, but on the other hand, it benefits from the lack of increased risk aversion in the markets," Alior Bank wrote.
"This week, the key event in the country will be the decision-making meeting of the Monetary Policy Council... Maintaining interest rates at the current level (main 5.75%) is certain, but the rhetoric will be interesting," the bank wrote.
The National Bank of Poland is scheduled to announce its decision on Wednesday, while Governor Adam Glapinski is expected to hold a news conference on Thursday.
Elsewhere, the Czech crown EURCZK= added 0.04% to trade at 25.025, and the Romanian leu was also little changed.
Stocks in the region were mixed, with Budapest's equities .BUX adding 0.14%, while Warsaw .WIG20 was 0.39% lower.
CEE MARKETS | SNAPSHOT | AT 1017 CET | ||||
CURRENCIES | ||||||
Latest | Previous | Daily | Change | |||
trade | close | change | in 2024 | |||
EURCZK= | Czech crown | EURCZK= | 25.0250 | 25.0340 | +0.04% | -1.29% |
EURHUF= | Hungary forint | EURHUF= | 392.7000 | 392.5000 | -0.05% | -2.42% |
EURPLN= | Polish zloty | EURPLN= | 4.2800 | 4.2820 | +0.05% | +1.51% |
EURRON= | Romanian leu | EURRON= | 4.9760 | 4.9768 | +0.02% | -0.03% |
EURRSD= | Serbian dinar | EURRSD= | 116.9500 | 117.0000 | +0.04% | +0.25% |
Note: daily change | calculated from | 1800 CET | ||||
Latest | Previous | Daily | Change | |||
close | change | in 2024 | ||||
.PX | Prague | .PX | 1592.76 | 1594.5200 | -0.11% | +12.64% |
.BUX | Budapest | .BUX | 72966.66 | 72865.31 | +0.14% | +20.37% |
.WIG20 | Warsaw | .WIG20 | 2402.70 | 2412.16 | -0.39% | +2.55% |
.BETI | Bucharest | .BETI | 18174.16 | 18148.46 | +0.14% | +18.24% |
Spread | Daily | |||||
vs Bund | change in | |||||
Czech Republic | spread | |||||
CZ2YT=RR | 2-year | CZ2YT=RR | 3.3810 | 0.0020 | +097bps | -2bps |
CZ5YT=RR | 5-year | CZ5YT=RR | 3.6610 | 0.0670 | +145bps | +3bps |
CZ10YT=RR | 10-year | CZ10YT=RR | 3.8670 | 0.0050 | +154bps | -3bps |
Poland | ||||||
PL2YT=RR | 2-year | PL2YT=RR | 4.8140 | 0.0140 | +240bps | -1bps |
PL5YT=RR | 5-year | PL5YT=RR | 5.2180 | 0.0300 | +300bps | -1bps |
PL10YT=RR | 10-year | PL10YT=RR | 5.4900 | 0.0260 | +316bps | -1bps |
FORWARD RATE AGREEMENTS | ||||||
3x6 | 6x9 | 9x12 | 3M interbank | |||
Czech Rep | CZKFRAPRIBOR= | 3.93 | 3.61 | 3.38 | 4.36 | |
Hungary | HUFFRABUBOR= | 6.64 | 6.23 | 5.83 | 6.51 | |
Poland | PLNFRAWIBOR= | 5.76 | 5.44 | 5.02 | 5.85 | |
Note: FRA quotes | are for ask prices | |||||
************************************************************** | ||||||
Additional reporting by Pawel Florkiewicz in Warsaw; editing by Barbara Lewis
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