Forint firms ahead of cenbank meeting, Russia-Ukraine tensions cast shadow



By Anita Komuves

BUDAPEST, Jan 25 (Reuters) - The Hungarian forint edged up on Tuesday ahead of another expected rate hike by the central bank, while Russia-Ukraine tensions continued to cast a pall over Central European markets.

The region's currencies and equities were mixed following a sharp global selloff in the previous session due to geopolitical tensions.

"Financial markets remain under the influence of increased risk aversion related to the threat of a military attack by Russia on Ukraine," Bank Millennium wrote in a client note.

Russia has massed tens of thousands of troops near Ukraine's borders, but denies that it plans to invade the country.

Prague's equities .PX added 0.94%, while Budapest .BUX slid 0.4%. Warsaw .WIG20 gained 1.64% and Bucharest .BETI was 2.4% lower.

The Hungarian forint EURHUF= gained 0.22% to trade at 360.85 per euro.

"We see some consolidation, but I'm afraid the Russia-Ukraine crisis will overshadow everything today and the forint could ease more, no matter what the central bank does," an FX trader in Budapest said.

The National Bank of Hungary is set to hold its rate-setting meeting later in the day. A Reuters poll of analysts expects the base rate to be hiked by another 30 basis points to 2.7%, the highest in almost eight years, as the bank fights soaring inflation.

"The important message could be whether the bank's statement mentions the expected path for the one-week deposit rate," brokerage Equilor said.

The NBH left its one-week deposit rate unchanged at 4% at its weekly tenders in the past three weeks, halting a series of rate hikes. The one-week rate is used to tackle short-term market volatility.

Analysts polled by Reuters expect the one-week deposit rate to rise to 4.6% by the end of the second quarter.

The Czech crown EURCZK= gained 0.67% and was trading at 24.455 per euro, regaining some lost ground after weakening sharply in late trading on Monday to its lowest since Jan. 6.

"High volatility seems to be the only consistent theme right now," Komercni Banka rates trader Marek Lesko said in a note.

The Polish zloty EURPLN= slid 0.07% to 4.5765 versus the common currency, extending its losses from the previous session. The Romanian leu EURRON= edged down.

CEE

SNAPSH AT

MARKETS OT

1038

CET

CURREN

CIES

Latest Previou Daily Change

s

bid

close

change in

2022 EURCZK Czech

<EURCZK 24.455 24.6180 +0.67 +1.71 =

crown

=>

0

%

% EURHUF Hungary <EURHUF 360.85 361.650 +0.22 +2.37 =

forint =>

00

0

%

% EURPLN Polish <EURPLN 4.5765 4.5735 -0.07% +0.32 =

zloty

=>

% EURRON Romania <EURRON 4.9444 4.9441 -0.01% +0.08 =

n leu

=>

% EURHRK Croatia <EURHRK 7.5310 7.5275 -0.05% -0.18% =

n kuna =>

EURRSD Serbian <EURRSD 117.52 117.570 +0.04 +0.05 =

dinar

=>

00

0

%

%

Note:

calculated from

1800

daily

CET

change

Latest Previou Daily Change

s

close

change in

2022 .PX

Prague

.PX

1404.3 1391.29 +0.94 #VALUE

5

00

%

! .BUX

Budapes .BUX

51118. 51325.3 -0.40% +0.78

t

33

4

% .WIG20 Warsaw <.WIG20 2205.9 2170.36 +1.64 -2.69%

>

7

% .BETI Buchare .BETI 12530. 12838.3 -2.40% -4.07%

st

11

7

.SBITO Ljublja <.SBITO 1279.4 1297.91 -1.42% +1.91 P

na

P>

9

% .CRBEX Zagreb <.CRBEX 2107.9 2109.83 -0.09% +1.37

>

3

% .BELEX Belgrad <.BELEX 861.71 859.71 +0.23 +4.99 15

e

15>

%

% .SOFIX Sofia

<.SOFIX 611.90 609.94 +0.32 -3.74%

>

%

Yield Yield

Spread Daily

(bid) change vs

change

Bund

in

Czech

spread

Republi

c

CZ2YT=

<CZ2YT= 4.0480 -0.0010 +469b -1bps RR

2-year RR>

ps CZ5YT=

<CZ5YT= 3.4310 0.0040 +384b -1bps RR

5-year RR>

ps CZ10YT

<CZ10YT 3.2200 0.0050 +329b -3bps =RR

10-year =RR>

ps

Poland

PL2YT=

<PL2YT= 3.1650 0.0500 +381b +4bps RR

2-year RR>

ps PL5YT=

<PL5YT= 3.9670 -0.0150 +437b -3bps RR

5-year RR>

ps PL10YT

<PL10YT 4.0240 0.0540 +409b +2bps =RR

10-year =RR>

ps

FORWARD

3x6

6x9

9x12

3M

interb

ank

Czech

<CZKFRA

4.96

4.96

4.72

4.25

Rep

><PRIBO

R=>

Hungary <HUFFRA

4.96

5.27

5.24

4.19

><BUBOR

=>

Poland <PLNFRA

4.21

4.45

4.43

2.89

><WIBOR

=>

Note:

are for ask

FRA

prices

quotes

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

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


Additional reporting by Jason Hovet in Prague and Alan Charlish in Warsaw; Editing by Aditya Soni

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