Forint holds firm as c.bank signals easing pause in Oct
WARSAW, Oct 11 (Reuters) -The Hungarian forint stabilised on Friday, at the end of a week that saw it once again trade above the psychologically important 400-per-euro mark as dollar strength pressured emerging markets.
Hungarian inflation fell slightly more than expected on Thursday to 3%, its lowest level since 2021.
However, with the forint weakening, Deputy Central Bank Governor Barnabas Virag flagged a likely pause in October in the National Bank of Hungary's (NBH) rate cuts in an interview with Reuters.
"The central bank comments were hawkish but yesterday's macro data suggested maybe they should be cutting rates sooner," said a Warsaw-based FX trader.
ING said in a note that the NBH was "essentially ruling out a rate cut in October" but that the forint would "remain sensitive to global exposure".
The forint was 0.14% stronger against the euro at 400.80 at 0908 GMT
The Polish zloty EURPLN= was 0.23% firmer at 4.293, but remained in its range from the previous two days.
"The zloty has been quite stable for the last couple of days around 4.30... I think in terms of the zloty we have reached a kind of equilibrium where I would expect the exchange rate to stay in the coming days," said Marcin Sulewski, CEE economist at Ipopema Securities.
The Czech crown EURCZK= firmed 0.15% to 25.3200.
"The crown, without any significant domestic impulses, is hovering near 25.30 EUR/CZK and does not have much strength for a positive turn," bank CSOB wrote in a note.
CEE MARKETS | SNAPSHOT | AT 1108 CET | ||||
CURRENCIES | ||||||
Latest | Previous | Daily | Change | |||
trade | close | change | in 2024 | |||
EURCZK= | Czech crown | EURCZK= | 25.3200 | 25.3570 | +0.15% | -2.44% |
EURHUF= | Hungary forint | EURHUF= | 400.8000 | 401.3500 | +0.14% | -4.39% |
EURPLN= | Polish zloty | EURPLN= | 4.2930 | 4.3030 | +0.23% | +1.20% |
EURRON= | Romanian leu | EURRON= | 4.9754 | 4.9755 | +0.00% | -0.02% |
EURRSD= | Serbian dinar | EURRSD= | 116.9300 | 117.0600 | +0.11% | #VALUE! |
Note: daily change | calculated from | 1800 CET | ||||
Latest | Previous | Daily | Change | |||
close | change | in 2024 | ||||
.PX | Prague | .PX | 1590.94 | 1589.5200 | +0.09% | +12.51% |
.BUX | Budapest | .BUX | 74161.27 | 74336.17 | -0.24% | +22.34% |
.WIG20 | Warsaw | .WIG20 | 2327.17 | 2308.16 | +0.82% | -0.68% |
.BETI | Bucharest | .BETI | 17650.38 | 17629.32 | +0.12% | +14.83% |
Spread | Daily | |||||
vs Bund | change in | |||||
Czech Republic | spread | |||||
CZ2YT=RR | 2-year | CZ2YT=RR | 3.3050 | -0.0050 | +105bps | -3bps |
CZ5YT=RR | 5-year | CZ5YT=RR | 3.6180 | -0.0240 | +148bps | -5bps |
CZ10YT=RR | 10-year | CZ10YT=RR | 3.8980 | 0.0030 | +162bps | -2bps |
Poland | ||||||
PL2YT=RR | 2-year | PL2YT=RR | 4.9100 | 0.0000 | +265bps | -3bps |
PL5YT=RR | 5-year | PL5YT=RR | 5.2210 | 0.0260 | +309bps | +0bps |
PL10YT=RR | 10-year | PL10YT=RR | 5.5060 | -0.0070 | +323bps | -3bps |
FORWARD RATE AGREEMENTS | ||||||
3x6 | 6x9 | 9x12 | 3M interbank | |||
Czech Rep | CZKFRAPRIBOR= | 3.80 | 3.50 | 3.32 | 4.15 | |
Hungary | HUFFRABUBOR= | 6.47 | 6.14 | 5.85 | 6.32 | |
Poland | PLNFRAWIBOR= | 5.79 | 5.47 | 5.03 | 5.85 | |
Note: FRA quotes | are for ask prices | |||||
************************************************************** | ||||||
Reporting by Alan Charlish in Warsaw, Anita Komuves in Budapest, Jan Lopatka in Prague, Editing by William Maclean
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