Forex gains led by zloty ahead of interest rate meeting
WARSAW, Aug 30 (Reuters) -Central Eastern European currencies firmed on Friday, led higher by the Polish zloty, ahead of next week's central bank meeting on interest rates, after a flash estimate inflation reading for August showed inflation edging higher.
Most emerging market currencies were higher on Friday as the dollar weakened ahead of crucial U.S. inflation data that could offer clues on the size of possible interest rate cuts by the Federal Reserve next month.
Data released on Friday in Poland meanwhile showed Poland's consumer inflation rising to 4.3% in August, slightly above expectations, driven mainly by rising energy prices.
Poland's rate setters, who have cited inflation uncertainty in their decisions on keeping borrowing costs steady since October, are expected to prolong their pause next Wednesday, but their commentary will be scrutinised for new signs of when easing could resume.
By 0926 GMT the Polish zloty EURPLN= was up 0.2% against the euro at 4.2755, at the centre point of the 4.24-4.31 range where it has been trading since mid-August.
"The 4.28 (level) attracts like a magnet ... We assume that if the zloty is close to this level, it is actually at a point of short-term equilibrium for the time being and is waiting for impulses that could break it from this point," Bank Millennium markets analyst Mateusz Sutowicz said.
"We are counting that September central bank meetings, including the local Monetary Policy Council, may be events that lead to minor changes in the financial markets."
Sutowicz said that today's inflation print wasn't impacting the zloty.
The Czech crown EURCZK= firmed 0.2% to 25.0250 per euro, hovering near August's high hit earlier in the week.
Domestic demand fuelled by brisker government expenditure drove the Czech economy's slow recovery in the second quarter, updated statistics office data showed on Friday, with growth muted by a sluggish industrial performance.
The Hungarian forint EURHUF= edged 0.1% higher to 392.50 per euro, also trading off its August high.
CEE MARKETS | SNAPSHOT | AT 1126 CET | |||
CURRENCIES | |||||
Latest | Previous | Daily | Change | ||
trade | close | change | in 2024 | ||
Czech crown | EURCZK= | 25.0250 | 25.0615 | +0.15% | -1.29% |
Hungary forint | EURHUF= | 392.5000 | 393.0000 | +0.13% | -2.37% |
Polish zloty | EURPLN= | 4.2755 | 4.2840 | +0.20% | +1.61% |
Romanian leu | EURRON= | 4.9775 | 4.9778 | +0.01% | -0.06% |
Serbian dinar | EURRSD= | 116.9200 | 117.0200 | +0.09% | +0.28% |
Note: daily change | calculated from | 1800 CET | |||
Latest | Previous | Daily | Change | ||
close | change | in 2024 | |||
Prague | .PX | 1587.09 | 1582.9900 | +0.26% | +12.24% |
Budapest | .BUX | 72982.34 | 73193.79 | -0.29% | +20.39% |
Warsaw | .WIG20 | 2410.22 | 2403.14 | +0.29% | +2.87% |
Bucharest | .BETI | 18293.25 | 18235.55 | +0.32% | +19.01% |
Spread | Daily | ||||
vs Bund | change in | ||||
Czech Republic | spread | ||||
2-year | CZ2YT=RR | 3.3720 | -0.0110 | +102bps | +0bps |
5-year | CZ5YT=RR | 3.5920 | -0.0100 | +144bps | +1bps |
10-year | CZ10YT=RR | 3.8570 | 0.0080 | +160bps | +3bps |
Poland | |||||
2-year | PL2YT=RR | 4.8290 | -0.0740 | +248bps | -6bps |
5-year | PL5YT=RR | 5.2090 | -0.0600 | +306bps | -4bps |
10-year | PL10YT=RR | 5.4620 | -0.0840 | +320bps | -6bps |
FORWARD | |||||
3x6 | 6x9 | 9x12 | 3M interbank | ||
Czech Rep | CZKFRAPRIBOR= | 3.93 | 3.61 | 3.36 | 4.37 |
Hungary | HUFFRABUBOR= | 6.57 | 6.18 | 5.78 | 6.51 |
Poland | PLNFRAWIBOR= | 5.74 | 5.44 | 4.98 | 5.85 |
Note: FRA quotes | are for ask prices | ||||
************************************************************** | |||||
Reporting by Karol Badohal in Warsaw; Editing by David Holmes
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