Crown firms on ECB comments, Budapest stocks hit record high



By Anita Komuves

BUDAPEST, June 11 (Reuters) - The Czech crown firmed to its strongest level in 15 months on Friday, while other regional currencies held steady near recent highs, supported by positive sentiment after the European Central Bank raised its growth forecast on Thursday.

The ECB on raised its growth and inflation projections, while pledging a steady flow of stimulus for now.

Stocks in the region were mixed, with Budapest .BUX gaining 0.44% by 0908 GMT after hitting a fresh record high earlier in the session. Prague .PX edged down 0.15% while Warsaw .WIG20 slid 0.38%. Bucharest .BETI added 0.98%.

Currencies were also supported by rate hike expectations as the central European region is facing the strongest inflation rise in the EU as economies recover from the COVID-19 pandemic.

May inflation numbers published this week came in below forecasts in Hungary and the Czech Republic. However, that did not lower expectations of policy tightening as in Hungary's case the reading was well above the central bank's target range.

Romania's consumer price inflation quickened to 3.75% on the year in May from April's 3.24%, above market expectations, data showed on Friday.

Markets are pricing in a rate hike for June or August in the Czech Republic while the central bank of Hungary reiterated on Tuesday that it could become the first in the European Union to launch a tightening cycle this month.

The Czech crown EURCZK= was up 0.17% and trading at 25.300 per euro, firming past important technical levels. The Polish zloty EURPLN= was stable ahead of Central Bank Governor Adam Glapinski's press conference at 1300 GMT.

Glapinski "could clear the sky whether the rejection of most of the bids at the second auction in May was a start of the tapering of the QE program," Erste Bank wrote in a note.

The Polish central bank kept rates on hold on Wednesday and did not deliver hints of a more hawkish bias, which analysts expected to weigh on the zloty.

CEE

SNAPSHO AT

MARKETS T

1108 CET

CURRENC

IES

Latest Previous Daily

Change

bid

close

change in

2021 EURCZK= Czech

<EURCZK= 25.3000 25.3440 +0.17% +3.67

crown

>

% EURHUF= Hungary <EURHUF= 345.660 345.5700 -0.03% +4.94

forint

>

0

% EURPLN= Polish

<EURPLN= 4.4705

4.4712 +0.02% +1.98

zloty

>

% EURRON= Romanian <EURRON= 4.9205

4.9205 +0.00% -1.13%

leu

>

EURHRK= Croatian <EURHRK= 7.4910

7.4965 +0.07% +0.75

kuna

>

% EURRSD= Serbian <EURRSD= 117.480 117.5800 +0.09% +0.08

dinar

>

0

%

Note:

calculated from

1800

daily

CET

change

Latest Previous Daily

Change

close

change in

2021 .PX

Prague

.PX

1177.88 1179.610 -0.15% +14.6

0

8% .BUX

Budapest .BUX

48688.7 48475.07 +0.44% +15.6

5

3% .WIG20 Warsaw

.WIG20 2228.44 2236.89 -0.38% +12.3

2% .BETI

Buchares .BETI

11476.7 11365.47 +0.98% +17.0

t

3

4% .SBITOP Ljubljan <.SBITOP 1136.35 1131.91 +0.39% +26.1

a

>

4% .CRBEX Zagreb

.CRBEX 1963.84 1959.77 +0.21% +12.9

1% .BELEX1 Belgrade <.BELEX1 782.56

781.87 +0.09% +4.54 5

5>

% .SOFIX Sofia

.SOFIX

545.31

541.56 +0.69% +21.8

5%

Yield

Yield

Spread Daily

(bid)

change

vs Bund change

in

Czech

spread

Republic

CZ2YT=R

2-year <CZ2YT=R 0.3260

0.0520 +101bp +6bps R

R>

s CZ5YT=R

5-year <CZ5YT=R 1.5050 -0.0270 +215bp -1bps R

R>

s CZ10YT=

<CZ10YT= 1.7260 -0.0110 +201bp +2bps RR

10-year RR>

s

Poland

PL2YT=R

2-year <PL2YT=R 0.3780

0.0070 +106bp +1bps R

R>

s PL5YT=R

5-year <PL5YT=R 1.1980 -0.0590 +184bp -4bps R

R>

s PL10YT=

<PL10YT= 1.7370 -0.0410 +202bp -1bps RR

10-year RR>

s

FORWARD

3x6

6x9

9x12

3M

interb

ank

Czech

CZKFRA

0.74

0.99

1.29

0.42

Rep

<PRIBOR=

>

Hungary

HUFFRA

1.31

1.57

1.73

0.93

BUBOR=

Poland

PLNFRA

0.28

0.44

0.60

0.21

WIBOR=

Note:

are for ask

FRA

prices

quotes

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

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


Additional reporting by Jason Hovet in Prague and Agnieszka Barteczko in Warsaw; Editing by Giles Elgood

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