Forint hits 6-week low, zloty weakens
Adds new comment for forint and zloty, fresh FX prices and table
BUDAPEST, June 10 (Reuters) - Hungary's forint hit a 6-week low and the Polish zloty shed half a percent on Monday ascentral European currencies were hit by weakened international sentiment and a firming U.S. dollar.
The dollar put pressure on the forint and the zloty after annual wage growth reaccelerated in the U.S., data published last week showed, reducing the likelihood the U.S. Federal Reserve will be able to start rate cuts in September.
"Worsening international sentiment and a strong dollar put pressure on the zloty and the forint," said Zoltan Arokszallasi, head of analysis at MBH Bank.
The forint EURHUF= had weakened 0.6% against the euro to trade at 394, hitting a 6-week low by 1114 GMT.
The zloty EURPLN= traded at 4.33, hitting its lowest level since early May.
"Generally, there's risk aversion on the broad market, which is visible also on the zloty," a Warsaw-based FX trader said.
"I think the reason should be seen rather in global factors - (U.S.) payrolls were on Friday, and today on Monday it's the European parliament election, perhaps the dissolving of the government in France."
The Czech crown EURCZK= held at stronger levels after hitting nearly five-month highs last week below the 24.60 per euro level. It traded at 24.65 on Monday.
Attention was alsoturning to May inflation data due on Tuesday, with analysts expecting a slight slowdown after a surprise jump in the previous month.
"But if there was a bigger upward surprise like in the previous month, the crown could go on the offensive," analysts atbank CSOB said. "On the other hand, the crown should be watching international markets - mainly the Fed sitting (this week) that could close any space for profits."
CEE MARKETS | SNAPSHOT | AT 1314 CET | ||||
CURRENCIES | ||||||
Latest | Previous | Daily | Change | |||
bid | close | change | in 2024 | |||
EURCZK= | Czech crown | EURCZK= | 24.6500 | 24.6370 | -0.05% | +0.21% |
EURHUF= | Hungary forint | EURHUF= | 394.0000 | 391.6500 | -0.60% | -2.74% |
EURPLN= | Polish zloty | EURPLN= | 4.3295 | 4.3080 | -0.50% | +0.35% |
EURRON= | Romanian leu | EURRON= | 4.9766 | 4.9764 | -0.00% | -0.05% |
Note: daily change | calculated from | 1800 CET | ||||
Latest | Previous | Daily | Change | |||
close | change | in 2024 | ||||
.PX | Prague | .PX | 1540.17 | 1546.7600 | -0.43% | +8.92% |
.BUX | Budapest | .BUX | 69914.26 | 69879.43 | +0.05% | +15.33% |
.WIG20 | Warsaw | .WIG20 | 2413.38 | 2428.84 | -0.64% | +3.00% |
.BETI | Bucharest | .BETI | 17984.01 | 18076.69 | -0.51% | +17.00% |
Spread | Daily | |||||
vs Bund | change in | |||||
Czech Republic | spread | |||||
CZ2YT=RR | 2-year | CZ2YT=RR | 4.2270 | 0.0320 | +114bps | +4bps |
CZ5YT=RR | 5-year | CZ5YT=RR | 4.2220 | 0.0370 | +152bps | +2bps |
CZ10YT=RR | 10-year | CZ10YT=RR | 4.2760 | 0.0520 | +162bps | +1bps |
Poland | ||||||
PL2YT=RR | 2-year | PL2YT=RR | 5.2260 | 0.0570 | +214bps | +6bps |
PL5YT=RR | 5-year | PL5YT=RR | 5.6020 | 0.0570 | +290bps | +4bps |
PL10YT=RR | 10-year | PL10YT=RR | 5.7430 | 0.0550 | +308bps | +1bps |
Note: FRA quotes | are for ask prices | |||||
************************************************************** | ||||||
Reporting by Boldizsar Gyori in Budapest, additional reporting by Badohal Karol in Warsaw and Jason Hovet in Prague; editing by Mark Potter and Jason Neely
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