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Zloty lingers near one-month low ahead of Polish cenbank governor's speech



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PRAGUE, June 6 (Reuters) -The zloty hovered around one-month lows on Thursday, with markets watching out for any dovish signals from Poland's central bank governor after policymakers left interest rates unchanged for an eighth straight meeting a day earlier.

Other central European currencies also drifted lower as attention was turned to the European Central Bank meeting, where it is widely expected to deliver its first interest rate cut in nearly five years.

Polish central bank Governor Adam Glapinski was due to hold a regular news conference following Wednesday's decision to leave the base rate on hold at 5.75%, continuing a long pause after two rate cuts in September and October.

"In our opinion, due to the worse mood on developing markets, the potential for strengthening the zloty in the coming days will remain limited," state development bank BGK said.

"At the same time, we do not rule out that the market will look for dovish signs in Governor Glapinski's conference today. This could also mitigate the chances for continuing yesterday's appreciation of the domestic currency."

The zloty EURPLN=, central Europe's best performer this year, hit a more than four-year high at the end of May at below 4.25 per euro, but has retreated to the psychological 4.30 level since.

It traded 0.2% lower at 4.2995 per euro 0837 GMT on Thursday, after weakening to as low as 4.315 on Wednesday before recovering later in the session.

The zloty has gained this year amid the pause in rate cuts, coming as Czech and Hungarian rate-setters ease policy after the inflation spike of recent years subsided.

Those latter two banks, though, look set to slow the easing pace with inflationary risks - especially in the services sector - warranting caution, and amid uncertainty over how quickly the ECB and U.S. Federal Reserve will loosen their policy.

Markets are watching for signals on the path ahead for the ECB after Thursday's rate meeting.

The Czech crown EURCZK= was steady at 24.64 per euro, just off a five-month high hit on Wednesday, while Hungary's forint EURHUF= dropped a third of a percent to 391.70 per euro, leading losses in the session and staying on weak side of the key 390 level.

The crown, on the other hand, has been bucked up by strong wage and retail activity data this week, adding to arguments that the Czech central bank may slow the pace of rate cuts when it meets later this month.

Analysts in a Reuters poll this week forecast little room to gain for central European currencies in the coming months as the expected slight weakening overall over the next six months.




CEE MARKETS

SNAPSHOT

AT 1037 CET






CURRENCIES







Latest

Previous

Daily

Change




trade

close

change

in 2024

EURCZK=

Czech crown

EURCZK=

24.6400

24.6270

-0.05%

+0.25%

EURHUF=

Hungary forint

EURHUF=

391.7000

390.4000

-0.33%

-2.17%

EURPLN=

Polish zloty

EURPLN=

4.2995

4.2920

-0.17%

+1.05%

EURRON=

Romanian leu

EURRON=

4.9755

4.9765

+0.02%

-0.02%


Note: daily change

calculated from


1800 CET












Latest

Previous

Daily

Change





close

change

in 2024

.PX

Prague

.PX

1540.45

1533.8900

+0.43%

+8.94%

.BUX

Budapest

.BUX

69447.21

68935.50

+0.74%

+14.56%

.WIG20

Warsaw

.WIG20

2455.52

2445.33

+0.42%

+4.80%

.BETI

Bucharest

.BETI

17986.90

17891.78

+0.53%

+17.02%













Spread

Daily






vs Bund

change in


Czech Republic





spread

CZ2YT=RR

2-year

CZ2YT=RR

4.1680

-0.0090

+117bps

-3bps

CZ5YT=RR

5-year

CZ5YT=RR

4.1050

-0.0140

+153bps

-4bps

CZ10YT=RR

10-year

CZ10YT=RR

4.2020

0.0130

+168bps

-2bps


Poland






PL2YT=RR

2-year

PL2YT=RR

5.1610

0.0230

+217bps

+1bps

PL5YT=RR

5-year

PL5YT=RR

5.4640

-0.0050

+288bps

-4bps

PL10YT=RR

10-year

PL10YT=RR

5.6080

0.0000

+308bps

-3bps












Reporting by Jason Hovet in Prague, Karol Badohal in Warsaw, and Boldizsar Gyori in Budapest; Editing by Sriraj Kalluvila

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