Zloty weaker before draft budget, forint keeps gains
By Boldizsar Gyori
BUDAPEST, Aug 28 (Reuters) -The forint held onto gains on Wednesday after Hungary's central bank paused its rate-cutting cycle, while the zloty weakened as the Polish government was set to discuss next year's draft budget with an expected deficit increase.
Hungary's central bank kept interest rates unchanged on Tuesday after 15 consecutive cuts totalling 1,125 basis points, leaving its base rate HUINT.ECI at 6.75%, in line with most analysts' expectations.
The forint EURHUF= traded up a touch on the day at 392.75 to the euro by 0818 GMT on Wednesday, and was comfortably past Tuesday's opening level of 394.90.
"Based on market pricing, it would not have been a dramatic surprise if the MNB (National Bank of Hungary) announced another cut, but the failure to do so may also have caused the forint to strengthen further following the decision," MBH Bank said in a note.
In its statement, the central bank said further easing is possible this year depending on inflation developments and the policy course of major central banks.
In Poland, the government was set to adopt the draft budget for 2025 on Wednesday, with local media reporting a sharp deficit increase, as the government brings some spendings done out-of-budget under predecessors into the fold and lifts defense expenditures further.
"In our opinion, the expected acceleration in economic growth, including maintaining solid private consumption dynamics, provides room for reducing the state budget deficit to GDP ratio, although the nominal value of the deficit will remain at a high level," Bank Millennium wrote in a note.
"Media reports suggest a possible increase in the deficit to almost PLN 300 billion (about 8% of GDP)...
"In our opinion, if these reports are confirmed, it will have a negative impact on the treasury securities market, on the one hand due to the increase in next year's borrowing needs, and on the other hand due to the postponement of the prospect of interest rate cuts."
The Polish zloty EURPLN= was 0.1% lower at an almost two-week low, trading above 4.29 to the common currency.
Elsewhere, the Czech crown EURCK= held flat, trading at 25.02 to the euro, staying just on the weak side of the psychological level of 25 which it breached briefly on Tuesday for the first time since June.
CEE MARKETS | SNAPSHOT | AT 1018 CET | ||||
CURRENCIES | ||||||
Latest | Previous | Daily | Change | |||
trade | close | change | in 2024 | |||
EURCZK= | Czech crown | EURCZK= | 25.0200 | 25.0150 | -0.02% | -1.27% |
EURHUF= | Hungary forint | EURHUF= | 392.7500 | 393.2000 | +0.11% | -2.44% |
EURPLN= | Polish zloty | EURPLN= | 4.2925 | 4.2885 | -0.09% | +1.21% |
EURRON= | Romanian leu | EURRON= | 4.9776 | 4.9780 | +0.01% | -0.07% |
EURRSD= | Serbian dinar | EURRSD= | 116.9800 | 117.0400 | +0.05% | +0.23% |
Note: daily change | calculated from | 1800 CET | ||||
Latest | Previous | Daily | Change | |||
close | change | in 2024 | ||||
.PX | Prague | .PX | 1581.80 | 1585.1200 | -0.21% | +11.87% |
.BUX | Budapest | .BUX | 72926.19 | 73315.37 | -0.53% | +20.30% |
.WIG20 | Warsaw | .WIG20 | 2383.75 | 2396.22 | -0.52% | +1.74% |
.BETI | Bucharest | .BETI | 18325.86 | 18330.81 | -0.03% | +19.22% |
Spread | Daily | |||||
vs Bund | change in | |||||
Czech Republic | spread | |||||
CZ2YT=RR | 2-year | CZ2YT=RR | 3.3770 | -0.0040 | +099bps | +0bps |
CZ5YT=RR | 5-year | CZ5YT=RR | 3.5420 | 0.0060 | +138bps | +2bps |
CZ10YT=RR | 10-year | CZ10YT=RR | 3.8010 | -0.0040 | +154bps | +1bps |
Poland | ||||||
PL2YT=RR | 2-year | PL2YT=RR | 4.8620 | 0.0150 | +247bps | +2bps |
PL5YT=RR | 5-year | PL5YT=RR | 5.1290 | -0.0140 | +296bps | +0bps |
PL10YT=RR | 10-year | PL10YT=RR | 5.4020 | NULL | +314bps | #VALUE! |
FORWARD RATE AGREEMENTS | ||||||
3x6 | 6x9 | 9x12 | 3M interbank | |||
Czech Rep | CZKFRAPRIBOR= | 3.92 | 3.59 | 3.33 | 4.40 | |
Hungary | HUFFRABUBOR= | 6.20 | 5.80 | 5.40 | 6.52 | |
Poland | PLNFRAWIBOR= | 5.73 | 5.43 | 4.98 | 5.85 | |
Note: FRA quotes | are for ask prices | |||||
************************************************************** |
Reporting by Boldizsar Gyori in Budapest, Karol Badohal in Warsaw; Editing by Ros Russell
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
免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料,僅適用於教育/資訊類用途,不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議,或是交易價格紀錄,或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。