Forint eases further on central bank policy uncertainty
BUDAPEST, June 15 (Reuters) - Hungary's forint EURHUF= eased further against the euro on Tuesday after a central banker was quoted as saying that the bank would probably embark on quarterly rate hikes.
Gyula Pleschinger was quoted by Bloomberg on Monday as saying that the central bank may scrap the one-week deposit facility, which he said was a temporary tool to navigate market volatility, a situation that he said Hungary had now passed.
However, Pleschinger later told the website portfolio.hu that the facility would not be phased out, apparently walking back from his earlier comments.
The remarks triggered a turnaround in the forint, which had firmed to more than nine-month-highs versus the euro after Deputy Governor Barnabas Virag said last month the central bank would start tightening monetary policy to tackle inflation.
"The forint eased substantially yesterday due to heightened uncertainty over the central bank's policy toolkit but the (Polish) zloty has now also followed suit," analysts at Erste Investment said in a note.
The bank meets next Tuesday to discuss interest rates and will also publish updated economic forecasts. A rate rise would make it the first central bank in the European Union to start a tightening cycle since the coronavirus pandemic.
The zloty EURPLN= and the forint both eased 0.3% versus the euro by 0912 GMT.
"At next week's Hungarian central bank meeting not just the size of the rate increase will be worth looking at but also whether the effective central bank policy tool, currently the one-week deposit, and its maturity change," Erste said.
Latest Previou Daily
change in 2021 EURCZK Czech
<EURCZK 25.4600 25.4300 -0.12% +3.02% =
EURHUF Hungary <EURHUF 351.250 350.200 -0.30% +3.27% =
<EURPLN 4.5275 4.5150 -0.28% +0.70% =
EURRON Romanian <EURRON 4.9240 4.9220 -0.04% -1.20% =
EURHRK Croatian <EURHRK 7.4865 7.4893 +0.04% +0.81% =
EURRSD Serbian <EURRSD 117.480 117.580 +0.09% +0.08% =
Latest Previou Daily
change in 2021 .PX
1174.42 1180.01 -0.47% +14.34
49324.1 49015.2 +0.63% +17.14
% .WIG20 Warsaw
<.WIG20 2252.13 2253.20 -0.05% +13.52
% .BETI Buchares .BETI 11596.6 11568.0 +0.25% +18.27
% .SBITO Ljubljan <.SBITO 1143.42 1143.56 -0.01% +26.93 P
% .CRBEX Zagreb
<.CRBEX 1971.94 1965.61 +0.32% +13.38
% .BELEX Belgrade <.BELEX 782.32 781.71 +0.08% +4.50% 15
<.SOFIX 549.74 544.70 +0.93% +22.84
change vs Bund change
2-year <CZ2YT= 0.2840 -0.0020 +096bp
5-year <CZ5YT= 1.5520 -0.0120 +218bp
<CZ10YT 1.7280 0.0410 +199bp
2-year <PL2YT= 0.3330 -0.0130 +101bp
5-year <PL5YT= 1.2110 -0.0160 +184bp
<PL10YT 1.7380 -0.0090 +200bp
are for ask
Reporting by Gergely Szakacs Editing by Alexander Smith
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