Forint jumps, crown stays near 14-year highs after rates kept on hold
Updates after Czech, ECB rate meetings
By Jason Hovet
PRAGUE, Feb 2 (Reuters) -Central Europe's currencies gained on Thursday on the back of euro strength, with the Hungarian forint jumping 1% to clawback recent lossesand the Czech crown holding near a14-year high after the central bank signalled further rate stability.
TheCzech National Bank held itsmain interest rate steady at a more than two-decade high of 7.00% on Thursday, indicating rates would be stable for longer, with Governor Ales Michl saying they would remain higher than what the market had priced.
TheEuropean Central Bank on Thursday delivered a50 basis point rate rise,keeping the euro - central Europe's main reference currency - strong against the dollar as investors took a dovish cue from the U.S. Federal Reserve on Wednesday.
That gave a boost to risk appetite in central Europe.
The forint EURHUF= was the biggest mover, rising 1.1% to 385.85 to the euro by 1558 GMT. It traded at its highest since last May, when the forint began a sharper slide.
"The ECB hiked rates, and in their comments they flagged the March rate hike ... This was a bit too much for the market," a Budapest-based dealer said.
Thecrown EURCZK= also firmed0.15% to 23.75 to the euro.
The central bank signalled rate stability ahead for an unspecified period. It also said it would be ready to hike rates if risks to the forecast materialised.
Michl said a strong crown was important to help fight inflation.
"A bit (of a rise) from the day's lows as he sounded a bit hawkish," a trader said regarding moves in the rates market after Michl's comments.
Rates were up around 10 basis points.
Elsewhere, the Polish zloty EURPLN= rose 0.6% and Romania's leu EURRON= was steady. Central European stocks mostly rose, with Warsaw blue chips .WIG20 climbing almost 2%.
CEE MARKETS | SNAPSHOT | AT 1658 CET | ||||
CURRENCIES | ||||||
Latest | Previous | Daily | Change | |||
bid | close | change | in 2023 | |||
EURCZK= | Czech crown | EURCZK= | 23.7500 | 23.7860 | +0.15% | +1.72% |
EURHUF= | Hungary forint | EURHUF= | 385.8500 | 390.1000 | +1.10% | +3.52% |
EURPLN= | Polish zloty | EURPLN= | 4.6830 | 4.7125 | +0.63% | +0.14% |
EURRON= | Romanian leu | EURRON= | 4.9075 | 4.9065 | -0.02% | +0.71% |
EURHRK= | Croatian kuna | EURHRK= | 7.5330 | 7.5365 | +0.05% | +0.05% |
EURRSD= | Serbian dinar | EURRSD= | 117.3200 | 117.3700 | +0.04% | -0.02% |
Note: daily change | calculated from | 1800 CET | ||||
Latest | Previous | Daily | Change | |||
close | change | in 2023 | ||||
.PX | Prague | .PX | 1351.96 | 1342.5000 | +0.70% | +12.50% |
.BUX | Budapest | .BUX | 45673.04 | 45209.70 | +1.02% | +4.29% |
.WIG20 | Warsaw | .WIG20 | 1907.40 | 1871.93 | +1.89% | +6.44% |
.BETI | Bucharest | .BETI | 12246.06 | 12168.16 | +0.64% | +4.99% |
.SBITOP | Ljubljana | .SBITOP | 1158.02 | 1149.77 | +0.72% | +10.41% |
.CRBEX | Zagreb | .CRBEX | 2115.56 | 2117.75 | -0.10% | +705.10% |
.BELEX15 | Belgrade | .BELEX15 | 861.61 | 857.36 | +0.50% | +4.49% |
.SOFIX | Sofia | .SOFIX | 612.56 | 615.10 | -0.41% | +1.84% |
Yield | Yield | Spread | Daily | |||
(bid) | change | vs Bund | change in | |||
Czech Republic | spread | |||||
CZ2YT=RR | 2-year | CZ2YT=RR | 5.7140 | 0.0090 | +323bps | +19bps |
CZ5YT=RR | 5-year | CZ5YT=RR | 4.8720 | -0.1230 | +279bps | +11bps |
CZ10YT=RR | 10-year | CZ10YT=RR | 4.4290 | -0.1480 | +237bps | +8bps |
Poland | ||||||
PL2YT=RR | 2-year | PL2YT=RR | 5.8270 | -0.1970 | +334bps | -2bps |
PL5YT=RR | 5-year | PL5YT=RR | 5.6390 | -0.2850 | +355bps | -5bps |
PL10YT=RR | 10-year | PL10YT=RR | 5.7550 | -0.2490 | +369bps | -2bps |
FORWARD | ||||||
3x6 | 6x9 | 9x12 | 3M interbank | |||
Czech Rep | CZKFRAPRIBOR= | 7.13 | 6.90 | 6.39 | 7.20 | |
Hungary | HUFFRABUBOR= | 14.40 | 12.72 | 10.89 | 16.05 | |
Poland | PLNFRAWIBOR= | 6.94 | 6.77 | 6.32 | 6.95 | |
Note: FRA quotes | are for ask prices | |||||
************************************************************** | ||||||
Reporting by Jason Hovet in Prague, Krisztina Than in Budapest and Pawel Florkiewicz in Warsaw; Editing by Sharon Singleton and Mark Heinrich
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
Mga Kaugnay na Asset
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
