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Forint drops for second day to lead FX losses



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>CEE MARKETS-Forint drops for second day to lead FX losses</title></head><body>

Updates with forint move, trader comment, Polish governor

By Jason Hovet

PRAGUE, Dec 7 (Reuters) -Hungary's forint weakened a second straight day on Thursday to lead central Europe's currencies lower as a stronger dollar pulled currencies off recent highs, despite some bright spots in the region's hard-hit economies.

In Poland, central bank governor Adam Glapinski vowed to cooperate with the incoming government, but also said nothing had happened since November that would change the MPC's view on policy. On Wednesday, the bank had left interest rates unchanged for a second month, following cuts in September and October.

The zloty EURPLN= was little moved by the comments, down 0.2% at 4.338 to the euro at 1540 GMT, hanging off a 3-1/2-year high of 4.317 hit this week.

Updated Romanian statistics office data on Thursday showed gross domestic product increased more than first estimated in the third quarter, while Czech industrial output rose in year-on-year terms for the fifth time this year in October indicating a good start to the fourth quarter as the economy seeks a return to growth.

Central Europe's economies have staggered since last year under the weight of high inflation.

But with price growth subsiding, economies are looking to regain traction, while policymakers are trying to manage monetary policy easing cycles that have either already begun or may be about to start.

High interest rates, especially in Hungary where the base rate remains at 11.5% despite policy easing since May, have buoyed currencies. They have contended with a stronger dollar versus the region's main reference currency, the euro, which cuts into risk appetite in the region.

The forint EURHUF= lost almost 0.5% at 381.85 to the euro on Thursday, stuck on the weak side of the 380 psychological level for a second day. It traded as strong as 375 in November.

"It's moved by the eurodollar," a Budapest based trader said of recent forint weakness.

The leu EURRON= was steady at 4.9665 to the euro on Thursday, outperforming peers after third-quarter data.

The Czech crown EURCZK=, meanwhile, dipped 0.1% to 24.33 per euro, unable to get a boost from more favourable industrial production data.




CEE MARKETS

SNAPSHOT

AT 1640 CET






CURRENCIES







Latest

Previous

Daily

Change




bid

close

change

in 2023

EURCZK=

Czech crown

EURCZK=

24.3300

24.3000

-0.12%

-0.71%

EURHUF=

Hungary forint

EURHUF=

381.8500

380.1500

-0.45%

+4.61%

EURPLN=

Polish zloty

EURPLN=

4.3380

4.3275

-0.24%

+8.10%

EURRON=

Romanian leu

EURRON=

4.9665

4.9667

+0.00%

-0.48%

EURRSD=

Serbian dinar

EURRSD=

117.1200

117.1650

+0.04%

+0.15%


Note: daily change

calculated from



1800 CET












Latest

Previous

Daily

Change





close

change

in 2023

.PX

Prague

.PX

1407.27

1411.3600

-0.29%

+17.10%

.BUX

Budapest

.BUX

58284.85

58447.63

-0.28%

+33.09%

.WIG20

Warsaw

.WIG20

2288.60

2309.81

-0.92%

+27.71%

.BETI

Bucharest

.BETI

14869.62

14820.81

+0.33%

+27.49%













Spread

Daily






vs Bund

change in


Czech Republic





spread

CZ2YT=RR

2-year

CZ2YT=RR

4.8830

-0.1940

+229bps

-19bps

CZ5YT=RR

5-year

CZ5YT=RR

4.0280

-0.0350

+188bps

-2bps

CZ10YT=RR

10-year

CZ10YT=RR

4.0700

-0.0140

+187bps

+0bps


Poland






PL2YT=RR

2-year

PL2YT=RR

5.1410

-0.0670

+254bps

-6bps

PL5YT=RR

5-year

PL5YT=RR

5.0100

-0.0460

+286bps

-3bps

PL10YT=RR

10-year

PL10YT=RR

5.3190

-0.0190

+312bps

-1bps



FORWARD








3x6

6x9

9x12

3M interbank


Czech Rep

CZKFRAPRIBOR=

6.23

5.13

4.18

7.04


Hungary

HUFFRABUBOR=

9.19

7.53

6.46

10.56


Poland

PLNFRAWIBOR=

5.64

5.10

4.66

5.83


Note: FRA quotes

are for ask prices






**************************************************************














Reporting by Jason Hovet in Prague, Boldizsar Gyori in Budapest, Anna Wlodarczak-Semczuk in Warsaw, and Luiza Ilie in Bucharest; Editing by Christina Fincher and Shailesh Kuber

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