Central European currencies under pressure from hawkish Fed



WARSAW, Sept 22 (Reuters) - Central European currencies saw muted demand on Thursday as the U.S. dollar rose after the Federal Reserve surprised markets with hawkish projections and delivered a 75-basis-point interest rate hike.

The U.S. central bank on Wednesday signalled its policy rate would rise at a faster pace and to a higher level than expected to control rampant inflation, sending the dollar to multi-year highs against other major currencies.

"Due to the substantial strengthening of the dollar, the forint's exchange rate has weakened further," brokerage Equilor said in a note, pointing to 410.22 as the next level of resistance.

The Japanese yen rose sharply on Thursday after authorities intervened in the foreign exchange market for the first time since 1998.

The Swiss National Bank and the Norges Bank also raised interest rates as expected - by 75 basis points and 50 basis points, respectively. Investors are now waiting for the Bank of England's decision and expect it to raise rates by 50 basis points.

The National Bank of Hungary left the rate on its one-week deposit tool unchanged at 11.75% at a tender earlier on Thursday, as expected. The bank will hold its next monthly rate meeting on Sept. 27, when it is also due to publish updated inflation and GDP growth forecasts.

The Hungarian forint EURHUF= was down 0.11% at 407,25 per euro, while the Polish zloty EURPLN= was up 0.06%. Elsewhere, the Czech crown EURCZK= did not change much.

"Ahead of us is an unusually busy day with meetings of important central banks. Therefore, we expect increased volatility of the remaining zloty pairs," Bank Millennium said in a note.

"In particular, the CHF/PLN exchange rate, which yesterday broke the psychological level of 5.0," it added. On Thursday, the zloty rebounded against the Swiss franc to 4.9380.

Russian president Vladimir Putin's announcement of partial mobilization on Wednesday also continued to have a negative impact on the region's currencies.

CEE

SNAPSHOT AT

MARKETS

1001 CET

CURRENCI

ES

Latest

Previous Daily

Change

bid

close

change

in 2022 EURCZK= Czech

EURCZK=

24.6660 24.6660

+0.00%

+0.84%

crown

EURHUF= Hungary

EURHUF= 407.7000 407.2500

-0.11%

-9.40%

forint

EURPLN= Polish

EURPLN=

4.7770

4.7800

+0.06%

-3.89%

zloty

EURRON= Romanian

EURRON=

0.0000

4.9430 #DIV/0! #DIV/0!

leu

EURHRK= Croatian

EURHRK=

7.5180

7.5225

+0.06%

-0.01%

kuna

EURRSD= Serbian

EURRSD= 117.2600 117.2900

+0.03%

+0.27%

dinar

Note:

calculated from

1800 CET

daily

change

Latest

Previous Daily

Change

close

change

in 2022 .PX

Prague

.PX

1190.59 1188.010

+0.22% #VALUE!

0

.BUX

Budapest

.BUX

39425.91 39241.07

+0.47% -22.27% .WIG20 Warsaw

.WIG20

1502.42 1509.32

-0.46% -33.72% .BETI

Bucharest .BETI

11254.34 11293.35

-0.35% -13.83% .SBITOP Ljubljana .SBITOP

1048.17 1052.02

-0.37% -16.51% .CRBEX Zagreb

.CRBEX

1971.77 1974.30

-0.13%

-5.17% .BELEX1 Belgrade <.BELEX15

847.13

847.98

-0.10%

+3.21% 5

>

.SOFIX Sofia

.SOFIX

599.98

599.98

+0.00%

-5.62%

Yield

Yield

Spread

Daily

(bid)

change

vs Bund change

in

Czech

spread

Republic

CZ2YT=R

2-year <CZ2YT=RR

6.0010 -0.0180 +416bps

-11bps R

>

CZ5YT=R

5-year <CZ5YT=RR

5.0940

0.0300 +322bps

-2bps R

>

CZ10YT=

10-year <CZ10YT=R

4.9230

0.1870 +304bps

+19bps RR

R>

Poland

PL2YT=R

2-year <PL2YT=RR

6.5780

0.0390 +473bps

-5bps R

>

PL5YT=R

5-year <PL5YT=RR

6.5370

0.0000 +466bps

-5bps R

>

PL10YT=

10-year <PL10YT=R

6.1780

0.0400 +429bps

+4bps RR

R>

FORWARD

3x6

6x9

9x12

3M

interban

k

Czech Rep CZKFRA <

7.24

7.14

6.82

7.24

PRIBOR=>

Hungary

HUFFRA <

14.23

14.46

14.28

12.92

BUBOR=>

Poland

PLNFRA <

7.48

7.48

7.34

7.15

WIBOR=>

Note: FRA are for ask prices

quotes

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

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


Reporting by Krisztina Than in Budapest and Pawel Florkiewicz in Warsaw; Editing by Devika Syamnath Additional reporting by Anna Wlodarczak-Semczuk in Warsaw

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