Forint keeps momentum, Prague stocks hit 9-month high
By Jason Hovet
PRAGUE, Feb 3 (Reuters) -Hungary's forint tested a fresh eight-month high on Friday, keeping some positive momentum as central Europe's currencies largely moved sideways after the dollar picked up ahead of U.S. employment data later in the day.
The forint EURHUF= remained the main mover in central Europe, nearing its highest level since the end of May 2022.
It traded up 0.1% at 385.65 to the euro at 1054 GMT, off a session high of 384.50.
Currencies in central Europe had got a boost on Thursday from a strong euro, which is the region's main reference currency, after the European Central Bank delivered a 50 basis point interest rate hike.
But on Friday, the U.S. dollar rose, limiting risk appetite, as markets waited on employment numbers expected to be strong.
The Polish zloty EURPLN= lost 0.15%, retreating to 4.689 per euro.
The crown was steady at 23.76 to the euro a day after the Czech National Bank left rates at a more than two-decade high as expected, while saying rate stability for longer was preferred.
Governor Ales Michl said he expected rates to stay higher than what markets, which see cuts over the next year, were pricing. He also backed a strong crown as it trades around 14-year highs.
"The crown may test 23.70 levels in the short term but the EUR/CZK move lower is limited in our view and the crown will be rather stable compared to CEE peers," ING said.
On stock markets, Prague continued to gain, adding to its more than 13% gains seen so far in 2023, as the index .PX touched its highest since April last year.
The rise has been led by a jump in utility CEZ CEZP.PR shares, although the biggest gain on Friday was lender MONETA Money Bank MONET.PR, which rose 2.1% after a strong fourth-quarter showing and dividend proposal.
CEE MARKETS | SNAPSHOT | AT 1154 CET | ||||
CURRENCIES | ||||||
Latest | Previous | Daily | Change | |||
bid | close | change | in 2023 | |||
EURCZK= | Czech crown | EURCZK= | 23.7600 | 23.7670 | +0.03% | +1.68% |
EURHUF= | Hungary forint | EURHUF= | 385.6500 | 386.0500 | +0.10% | +3.58% |
EURPLN= | Polish zloty | EURPLN= | 4.6890 | 4.6820 | -0.15% | +0.01% |
EURRON= | Romanian leu | EURRON= | 4.9010 | 4.9021 | +0.02% | +0.85% |
EURHRK= | Croatian kuna | EURHRK= | 7.5330 | 7.5365 | +0.05% | +0.05% |
EURRSD= | Serbian dinar | EURRSD= | 117.3200 | 117.3000 | -0.02% | -0.02% |
Note: daily change | calculated from | 1800 CET | ||||
Latest | Previous | Daily | Change | |||
close | change | in 2023 | ||||
.PX | Prague | .PX | 1360.17 | 1351.9600 | +0.61% | +13.18% |
.BUX | Budapest | .BUX | 45410.86 | 45643.29 | -0.51% | +3.69% |
.WIG20 | Warsaw | .WIG20 | 1914.77 | 1903.79 | +0.58% | +6.85% |
.BETI | Bucharest | .BETI | 12281.52 | 12260.18 | +0.17% | +5.30% |
.SBITOP | Ljubljana | .SBITOP | 1162.29 | 1150.01 | +1.07% | +10.82% |
.BELEX15 | Belgrade | .BELEX15 | 870.76 | 861.61 | +1.06% | +5.60% |
.SOFIX | Sofia | .SOFIX | 611.63 | 612.56 | -0.15% | +1.69% |
Yield | Yield | Spread | Daily | |||
(bid) | change | vs Bund | change in | |||
Czech Republic | spread | |||||
CZ2YT=RR | 2-year | CZ2YT=RR | 5.7060 | -0.1470 | +318bps | -18bps |
CZ5YT=RR | 5-year | CZ5YT=RR | 4.9130 | 0.0440 | +276bps | -3bps |
CZ10YT=RR | 10-year | CZ10YT=RR | 4.4310 | -0.0190 | +229bps | -9bps |
Poland | ||||||
PL2YT=RR | 2-year | PL2YT=RR | 5.7680 | -0.0470 | +324bps | -8bps |
PL5YT=RR | 5-year | PL5YT=RR | 5.6020 | -0.0340 | +345bps | -11bps |
PL10YT=RR | 10-year | PL10YT=RR | 5.6890 | -0.0560 | +355bps | -13bps |
FORWARD | ||||||
3x6 | 6x9 | 9x12 | 3M interbank | |||
Czech Rep | CZKFRAPRIBOR= | 7.13 | 6.87 | 6.19 | 7.20 | |
Hungary | HUFFRABUBOR= | 14.51 | 12.72 | 11.40 | 16.05 | |
Poland | PLNFRAWIBOR= | 6.92 | 6.74 | 6.31 | 6.93 | |
Note: FRA quotes | are for ask prices | |||||
************************************************************** | ||||||
Reporting by Jason Hovet; Editing by Rashmi Aich
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