Forint extends losses on oil supply concerns



By Anita Komuves

BUDAPEST, Aug 10 (Reuters) - The Hungarian forint added to its losses on Wednesday, underperforming regional peers as it was pressured after Russia said on Tuesday that oil shipments via the Southern leg of the Druzhba pipeline had been halted since early-August.

The forint EURHUF= was down 0.91% on the day and was trading at 399.90 per euro, a touch below the psychologically important level of 400.

Russia normally supplies about 250,000 barrels per day via the southern leg of the Druzhba pipeline to Hungary, Slovakia and the Czech Republic.

"The oil issue continues to weaken the forint because the situation is confusiung with lots of questions to be answered. We don't know if this really is a technical issue or the sign of a deeper problems," an FX trader in Budapest said.

"And the weakening shows that the forint is still the most vulnerable currency in the region."

The forint has been the worst performer among its CEE peers so far this year as it has shed more than 7% since the start of 2022.

Shares in Hungarian oil company MOL MOLB.BU were up 2.42% by 0824 GMT after suffering losses of about 5% in the previous session. Budapest's blue chip index .BUX was up 1.31%

Inflation data in the United States due to be published later in the day could also affect central European currencies, traders and analysts said.

The Polish zloty EURPLN= was 0.3% lower and trading at 4.7150 to the euro.

"In the background we can see the unfavorable revival of the discussion on the possibility of further postponing the implementation of the KPO (national recovery plan)," Alior Bank wrote.

In June, the European Commission (EC) approved funds for Poland, but its head Ursula von der Leyen said more work needed to be done on the rule of law.

Polish ruling party politicans said on Tuesday that Poland could hit back at the European Union if Warsaw does not get its share of pandemic recovery funds.

Elsewhere, the Czech crown EURCZK= , which has recently been supported recently by central bank interventions, gained 0.35% and was trading at 24.427 versus the common currency as data showed that June inflation came in at an annual 17.5%, a touch below market expectations.

CEE

SNAPSH AT

MARKETS OT

1023

CET

CURREN

CIES

Latest Previo Daily Change

us

bid

close change in

2022 EURCZK Czech

<EURCZK 24.427 24.512 +0.35 +1.82 =

crown

=>

0

0

%

% EURHUF Hungary <EURHUF 399.90 396.30 -0.90% -7.63% =

forint =>

00

00

EURPLN Polish <EURPLN 4.7150 4.7010 -0.30% -2.63% =

zloty

=>

EURRON Romania <EURRON 4.9120 4.9010 -0.22% +0.74 =

n leu

=>

% EURHRK Croatia <EURHRK 7.5180 7.5105 -0.10% -0.01% =

n kuna =>

EURRSD Serbian <EURRSD 117.34 117.36 +0.02 +0.20 =

dinar

=>

00

50

%

%

Note:

calculated from

1800

daily

CET

change

Latest Previo Daily Change

us

close change in

2022 .PX

Prague

.PX

1246.4 1243.7 +0.22

8

200

% .BUX

Budapes .BUX

43294. 42733. +1.31 -14.64

t

15

39

%

% .WIG20 Warsaw <.WIG20 1663.4 1684.1 -1.23% -26.62

>

3

4

% .BETI Buchare .BETI 12406. 12588. -1.45% -5.01%

st

50

91

.SBITO Ljublja <.SBITO 1166.4 1166.6 -0.02% -7.09% P

na

P>

1

0

.CRBEX Zagreb <.CRBEX 1985.7 1985.9 -0.01% -4.50%

>

6

0

.BELEX Belgrad <.BELEX 837.80 840.98 -0.38% +2.07 15

e

15>

% .SOFIX Sofia

<.SOFIX 612.01 610.45 +0.26 -3.72%

>

%

Yield Yield Spread Daily

(bid) change vs

change

Bund

in

Czech

spread

Republi

c

CZ2YT=

<CZ2YT= 5.8110 -0.048 +523b -5bps RR

2-year RR>

0

ps CZ5YT=

<CZ5YT= 4.4360 -0.317 +376b -30bps RR

5-year RR>

0

ps CZ10YT

<CZ10YT 3.8580 -0.084 +296b -6bps =RR

10-year =RR>

0

ps

Poland

PL2YT=

<PL2YT= 6.7180 -0.041 +614b -4bps RR

2-year RR>

0

ps PL5YT=

<PL5YT= 5.9940 -0.059 +532b -4bps RR

5-year RR>

0

ps PL10YT

<PL10YT 5.5240 -0.055 +463b -3bps =RR

10-year =RR>

0

ps

FORWARD

3x6

6x9

9x12

3M

interb

ank

Czech

<CZKFRA

7.29

7.17

6.73

7.30

Rep

><PRIBO

R=>

Hungary <HUFFRA 13.66 13.79 13.67 12.00

><BUBOR

=>

Poland <PLNFRA

7.50

7.35

6.96

7.03

><WIBOR

=>

Note:

are for ask

FRA

prices

quotes

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

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


Additional reporting by Pawel Florkiwicz in Warsaw; editing by Uttaresh.V

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