Central Europe's currencies hit new lows against dollar
PRAGUE, Sept 26 (Reuters) - Central Europe's currencies hit record lows against a strengthening dollar on Monday and remained under pressure against the euro as economic fears hit sentiment in the region.
Czech consumer confidence dropped to new lows in September, data showed on Monday, while in Hungary, consumer sentiment dropped below levels seen at the start of the COVID-19 pandemic in 2020.
The data was the latest in the region pointing to an economic slowdown coming as soaring inflation and energy costs hit consumers, taking away an important growth driver.
It comes as the region's currencies sit under pressure due to a firming dollar as the U.S. Federal Reserve fights inflation by aggressive interest rate hikes. At the same time, central Europe's rate setters seek to slow or end tightening cycles running since last year.
The Czech crown EURCZK= dropped 0.2% to 24.645 to the euro, the region's main reference currency, and Hungary's forint EURHUF= inched down 0.1% to 406.3.
Due to the dollar's strength "emerging markets are expected to be under strong pressure in the near future, while almost all fundamentals are going to be pointing towards further strengthening of the dollar," Takarekbank said.
The bank's analysts added this would make imported raw materials even more expensive, adding to companies' costs.
Europe's energy crisis, too, is piling pressure on households and firms alike as electricity bills jump.
European Union countries should reach a deal on Friday on the bloc's proposals to impose windfall profit levies on energy firms to attempt to tackle soaring energy prices, Czech Industry Minister Jozef Sikela said on Monday.
On Monday, the forint touched a record low against the dollar HUF= , bidding above 423, while the zloty PLN= bid at almost 4.95 in early trade, also a new low. The zloty EURPLN= traded steady at 4.75 the euro.
Romania's leu EURRON= was also steady against the euro and was earlier bid above 5.13 against the dollar RON= , a fresh record low. The crown CZK= was at it lowest against the dollar since early 2020.
Stock markets also dropped, led by Warsaw's .WIG20 1.7% fall.
Latest Previou Daily
change in 2022 EURCZK Czech
<EURCZK 24.6450 24.6000 -0.18% +0.92% =
EURHUF Hungary <EURHUF 406.300 405.950 -0.09% -9.08% =
<EURPLN 4.7495 4.7500 +0.01% -3.34% =
EURRON Romanian <EURRON 4.9425 4.9410 -0.03% +0.12% =
EURHRK Croatian <EURHRK 7.5265 7.5225 -0.05% -0.12% =
EURRSD Serbian <EURRSD 117.250 117.335 +0.07% +0.28% =
Latest Previou Daily
change in 2022 .PX
1160.56 1168.13 -0.65% #VALUE!
38497.7 38657.4 -0.41% -24.10%
<.WIG20 1433.63 1457.78 -1.66% -36.76%
.BETI Buchares .BETI 10945.0 10898.3 +0.43% -16.20%
.SBITO Ljubljan <.SBITO 1014.09 1024.53 -1.02% -19.23% P
<.CRBEX 1958.03 1969.44 -0.58% -5.83%
.BELEX Belgrade <.BELEX 831.12 841.23 -1.20% +1.26% 15
<.SOFIX 582.92 589.13 -1.05% -8.30%
change vs Bund change
2-year <CZ2YT= 6.1000 -0.0640 +415bp -10bps RR
5-year <CZ5YT= 5.2460 0.1110 +316bp
<CZ10YT 5.2090 0.3160 +313bp +27bps =RR
2-year <PL2YT= 6.8030 0.0710 +485bp
5-year <PL5YT= 6.9580 0.2040 +487bp +15bps RR
<PL10YT 6.6510 0.1830 +457bp +14bps =RR
Reporting by Jason Hovet in Prague, Krisztina Than and Anita Komuves in Budapest, Luiza Ilie in Bucharest and Alan Charlish in Warsaw; editing by Uttaresh.V
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