FX firmer as forint still set for first weekly loss since early June
PRAGUE, July 26 (Reuters) -Central Europe's currencies pushed higher for a second straight day, although the Hungarian forint was set for its first weekly loss in six weeks and the Czech crown was just off a multi-month low as interest rate cuts stay in focus.
The forint fell this week after Hungary's central bank delivered a 15th successive rate cut and said more could come this year.
Focus is turning to the Czech central bank, which meets next week and markets are weighing whether it will slow the pace of its easing cycle as signalled previously.
The forint EURHUF= had gained 0.2% on the day by 0857 GMT, trading at 391.50 to the euro. It has fallen from the 390 level this week.
"EUR/HUF could take a breather and stabilize for a while if HUF rates don't follow the core market today. However, we remain on the bearish side with more fair levels at 394 and higher," ING said.
A slowdown in the Czech rate-cutting cycle to 25-basis-point steps could help the crown next week, Komercni Banka analysts said.
The crown EURCZK= inched up 0.1% to 25.378 per euro after touching its lowest since February at 25.453 this week.
In Poland, the zloty has fared better than peers this year with a 1.5% gain so far in 2024 as the central bank there has held interest rates steady.
The zloty EURPLN= was up 0.2% at 4.279 to the euro and is set to take cues from global sentiment, which was on stronger footing.
U.S. economic data from overnight gave some cause for optimism, with economic growth faster than expected in the second quarter and inflation cooling. That helped dispel worries that the expansion was in danger of an abrupt end, while also supporting wagers for a Federal Reserve interest rate cut in September.
Bank Millennium said the data would support the euro/dollar - with the euro the main reference currency in central Europe - and "consequently also the zloty and other currencies in our region" amid lower liquidity amid the holiday season.
CEE MARKETS | SNAPSHOT | AT 1057 CET | |||
CURRENCIES | |||||
Latest | Previous | Daily | Change | ||
trade | close | change | in 2024 | ||
Czech crown | EURCZK= | 25.3780 | 25.3960 | +0.07% | -2.67% |
Hungary forint | EURHUF= | 391.5000 | 392.2000 | +0.18% | -2.12% |
Polish zloty | EURPLN= | 4.2790 | 4.2880 | +0.21% | +1.53% |
Romanian leu | EURRON= | 4.9698 | 4.9685 | -0.03% | +0.09% |
Serbian dinar | EURRSD= | 116.9500 | 117.0500 | +0.09% | +0.25% |
Note: daily change | calculated from | 1800 CET | |||
Latest | Previous | Daily | Change | ||
close | change | in 2024 | |||
Prague | .PX | 1604.88 | 1600.3600 | +0.28% | +13.50% |
Budapest | .BUX | 73187.29 | 72745.29 | +0.61% | +20.73% |
Warsaw | .WIG20 | 2413.96 | 2415.63 | -0.07% | +3.03% |
Bucharest | .BETI | 18550.19 | 18448.45 | +0.55% | +20.68% |
Spread | Daily | ||||
vs Bund | change in | ||||
Czech Republic | spread | ||||
2-year | CZ2YT=RR | 3.6510 | 0.0220 | +095bps | +0bps |
5-year | CZ5YT=RR | 3.6730 | -0.0150 | +130bps | -5bps |
10-year | CZ10YT=RR | 3.8130 | 0.0060 | +137bps | -3bps |
Poland | |||||
2-year | PL2YT=RR | 5.0840 | -0.0270 | +238bps | -5bps |
5-year | PL5YT=RR | 5.4720 | -0.0150 | +310bps | -5bps |
10-year | PL10YT=RR | 5.6420 | -0.0010 | +320bps | -4bps |
FORWARD RATE AGREEMENTS | |||||
3x6 | 6x9 | 9x12 | 3M interbank | ||
Czech Rep | CZKFRAPRIBOR= | 4.08 | 3.74 | 3.46 | 4.57 |
Hungary | HUFFRABUBOR= | 6.34 | 6.09 | 5.72 | 6.63 |
Poland | PLNFRAWIBOR= | 5.83 | 5.69 | 5.38 | 5.86 |
Note: FRA quotes | are for ask prices | ||||
************************************************************** | |||||
Reporting by Jason Hovet in Prague, Boldizsar Gyori in Budapest and Pawel Florkiewicz in Warsaw; Editing by Toby Chopra
For related news and prices, click on the codes in brackets:
All emerging market news EMRG CEEU CEE/
Spot FX rates
Eastern Europe spot FX EEFX= Middle East spot FX MEFX=
Asia spot FX ASIAFX= Latin America spot FX LATAMFX=
Other news and reports
World central bank news CEN Economic Data Guide ECONGUIDE
Official rates GLOBAL/INT Emerging Diary EMRG/DIARY
Top events M/DIARY Diaries DIARY Diaries Index IND/DIARY
Actifs liés
Dernières actualités
Avertissement : Les entités de XM Group proposent à notre plateforme de trading en ligne un service d'exécution uniquement, autorisant une personne à consulter et/ou à utiliser le contenu disponible sur ou via le site internet, qui n'a pas pour but de modifier ou d'élargir cette situation. De tels accès et utilisation sont toujours soumis aux : (i) Conditions générales ; (ii) Avertissements sur les risques et (iii) Avertissement complet. Un tel contenu n'est par conséquent fourni que pour information générale. En particulier, sachez que les contenus de notre plateforme de trading en ligne ne sont ni une sollicitation ni une offre de participation à toute transaction sur les marchés financiers. Le trading sur les marchés financiers implique un niveau significatif de risques pour votre capital.
Tout le matériel publié dans notre Centre de trading en ligne est destiné à des fins de formation / d'information uniquement et ne contient pas – et ne doit pas être considéré comme contenant – des conseils et recommandations en matière de finance, de fiscalité des investissements ou de trading, ou un enregistrement de nos prix de trading ou une offre, une sollicitation, une transaction à propos de tout instrument financier ou bien des promotions financières non sollicitées à votre égard.
Tout contenu tiers, de même que le contenu préparé par XM, tels que les opinions, actualités, études, analyses, prix, autres informations ou liens vers des sites tiers contenus sur ce site internet sont fournis "tels quels", comme commentaires généraux sur le marché et ne constituent pas des conseils en investissement. Dans la mesure où tout contenu est considéré comme de la recherche en investissement, vous devez noter et accepter que le contenu n'a pas été conçu ni préparé conformément aux exigences légales visant à promouvoir l'indépendance de la recherche en investissement et, en tant que tel, il serait considéré comme une communication marketing selon les lois et réglementations applicables. Veuillez vous assurer que vous avez lu et compris notre Avis sur la recherche en investissement non indépendante et notre avertissement sur les risques concernant les informations susdites, qui peuvent consultés ici.