Forint gains, other FX stable as markets eye EU meeting on gas prices



By Anita Komuves

BUDAPEST, Sept 9 (Reuters) - The Hungarian forint firmed to a more than three-week high on Friday while its CEE peers were little moved as investors eyed a meeting of European energy ministers later in the day where a cap on Russian gas prices could be discussed.

The forint EURHUF= was up 0.47% on the day and trading at 395.35 per euro as it was supported by hopes for a deal on EU funds after the government announced on Monday that it would create an anti-corruption body.

It was also supported by a drop in gas prices in the past week, which eases the burden on import-dependent Hungary's current account balance and budget, traders and analysts said.

"The forint could keep gaining in today's quiet trade. I do not expect much activity from London now, a day after the Queen died," an FX trader in Budapest said. "Investors are also waiting for the result of the EU meeting on Russian gas prices."

Economists at Erste Investment said Hungary's plan to curb gas consumption by a fourth from the start of the heating season at public institutions could curb the deficit of the budget and the trade account by some 400 million euros.

EU energy ministers on Friday are set to discuss ways to tame energy prices, which have surged as Russia has halted most gas flows to Europe in response to European sanctions after Russia sent tens of thousands of troops into Ukraine.

The Czech Republic said on Wednesday that it wants to remove capping Russian gas prices from the agenda of the meeting.

Hungarian Foreign Minister Peter Szijjarto said a price cap goes against European and Hungarian interests.

Lower gas prices, "which has become the main driver of the region these days" support all CEE currencies that are now trading at their strongest since mid-August, ING wrote in a note.

"Purely based on this relationship, we could see further appreciation, ... In addition, today's EU meeting could bring a further drop in gas prices and additional support for the CEE."

The Polish zloty EURPLN= was unmoved a day after central bank Governor Adam Glapinski said the bank could hold rates unchanged next month or opt for a small increase amid concerns that high borrowing costs could weigh too much on the economy.

"No surprise in yesterday's event, which ... resulted in another day of stabilisation of the zloty against the euro," Bank Millennium wrote.

Stocks in the region firmed, with Warsaw .WIG20 leading gains as it added 3.25%.

CEE

SNAPSH AT

MARKETS OT

1032

CET

CURREN

CIES

Latest Previo Daily Change

us

bid

close change in

2022 EURCZK Czech

<EURCZK 24.545 24.512 -0.13% +1.33 =

crown

=>

0

0

% EURHUF Hungary <EURHUF 395.35 397.20 +0.47 -6.57% =

forint =>

00

00

% EURPLN Polish <EURPLN 4.7055 4.7055 +0.00 -2.43% =

zloty

=>

% EURRON Romania <EURRON 4.8925 4.8800 -0.26% +1.14 =

n leu

=>

% EURHRK Croatia <EURHRK 7.5170 7.5165 -0.01% +0.01 =

n kuna =>

% EURRSD Serbian <EURRSD 117.28 117.33 +0.04 +0.26 =

dinar

=>

00

00

%

%

Note:

calculated from

1800

daily

CET

change

Latest Previo Daily Change

us

close change in

2022 .PX

Prague

.PX

1196.6 1172.2 +2.08

1

200

% .BUX

Budapes .BUX

41294. 40863. +1.05 -18.58

t

96

94

%

% .WIG20 Warsaw <.WIG20 1521.1 1473.1 +3.25 -32.90

>

1

8

%

% .BETI Buchare .BETI 11974. 11894. +0.67 -8.32%

st

19

18

% .SBITO Ljublja <.SBITO 1069.4 1061.5 +0.74 -14.82 P

na

P>

1

4

%

% .CRBEX Zagreb <.CRBEX 1979.7 1981.0 -0.06% -4.79%

>

8

3

.BELEX Belgrad <.BELEX 848.85 849.71 -0.10% +3.42 15

e

15>

% .SOFIX Sofia

<.SOFIX 608.23 606.67 +0.26 -4.32%

>

%

Yield Yield Spread Daily

(bid) change vs

change

Bund

in

Czech

spread

Republi

c

CZ2YT=

<CZ2YT= 6.3150 0.0900 +494b +4bps RR

2-year RR>

ps CZ5YT=

<CZ5YT= 5.4160 0.1670 +382b +13bp RR

5-year RR>

ps

s CZ10YT

<CZ10YT 4.8200 0.0620 +306b +2bps =RR

10-year =RR>

ps

Poland

PL2YT=

<PL2YT= 6.8090 0.1200 +544b +7bps RR

2-year RR>

ps PL5YT=

<PL5YT= 6.5510 0.0810 +495b +4bps RR

5-year RR>

ps PL10YT

<PL10YT 6.1500 0.0660 +439b +2bps =RR

10-year =RR>

ps

FORWARD

3x6

6x9

9x12

3M

interb

ank

Czech

<CZKFRA

7.41

7.39

7.01

7.26

Rep

><PRIBO

R=>

Hungary <HUFFRA 14.75 14.98 14.91 12.84

><BUBOR

=>

Poland <PLNFRA

7.48

7.53

7.29

7.16

><WIBOR

=>

Note:

are for ask

FRA

prices

quotes

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

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


Additional reporting by Pawel Florkiewicz in Warsaw; Editing by Muralikumar Anantharaman

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