Forint jumps after larger-than-expected cenbank rate hike



(Updates with Hungary cenbank decision, market reaction, trader comment)

By Anita Komuves

BUDAPEST, Sept 27 (Reuters) - The Hungarian forint jumped while long-term government bond yields were stable on Tuesday after the National Bank of Hungary delivered a 125 basis point rate hike, above expectations, raising the benchmark interest rate to 13%.

The forint EURHUF= firmed 0.85% on the day to 405.10 per euro, up from 407.85 where it was trading right before the rate hike.

Most analysts in a Reuters poll expected a 100 bps hike, with one analyst who pencilled in a 125 bps increase to 13%.

"Investors are waiting for the press conference now to see what the reason for this big hike was. There is a possibility that this was one big step that signals the end of the tightening cycle," an FX trader in Budapest said.

Hungarian central bank Governor Gyorgy Matolcsy will hold a news conference at 1300 GMT.

Deputy Governor Barnabas Virag told reporters last Thursday that the NBH could consider ending its rate rise cycle after Tuesday's meeting.

Long-term government bond yields were not immediately moved after the decision, a fixed-income trader said.

The yield on the benchmark 10-year bond was about 9.56%, unmoved from levels in the previous session and near a 10-year high which it had reached earlier this month.

Policymakers across central Europe are seeking to end a cycle of rate hikes running since last year even as inflationary pressures remain and the world's major central banks keep pursuing higher rates.

The Czech National Bank, meeting on Thursday, already left rates unchanged in August for the first time in over a year.

The Polish zloty EURPLN= weakened 0.22% to 4.7595 versus the common currency. It was pressured by global recession fears and growing risk aversion towards emerging currencies, Bank Millennium wrote in a note.

CEE

SNAPSH AT

MARKETS OT

1447

CET

CURREN

CIES

Latest Previo Daily Change

us

bid

close change in

2022 EURCZK Czech

<EURCZK 24.659 24.666 +0.03 +0.86 =

crown

=>

0

0

%

% EURHUF Hungary <EURHUF 405.10 408.55 +0.85 -8.82% =

forint =>

00

00

% EURPLN Polish <EURPLN 4.7595 4.7490 -0.22% -3.54% =

zloty

=>

EURRON Romania <EURRON 4.9440 4.9419 -0.04% +0.08 =

n leu

=>

% EURHRK Croatia <EURHRK 7.5300 7.5245 -0.07% -0.17% =

n kuna =>

EURRSD Serbian <EURRSD 117.25 117.33 +0.07 +0.28 =

dinar

=>

00

50

%

%

Note:

calculated from

1800

daily

CET

change

Latest Previo Daily Change

us

close change in

2022 .PX

Prague

.PX

1150.2 1151.0 -0.08%

0

800

.BUX

Budapes .BUX

38913. 38528. +1.00 -23.28

t

72

86

%

% .WIG20 Warsaw <.WIG20 1470.5 1433.0 +2.61 -35.13

>

5

8

%

% .BETI Buchare .BETI 10805. 10622. +1.72 -17.27

st

23

15

%

% .SBITO Ljublja <.SBITO 987.18 1001.3 -1.42% -21.37 P

na

P>

8

% .CRBEX Zagreb <.CRBEX 1935.1 1948.3 -0.68% -6.94%

>

4

3

.BELEX Belgrad <.BELEX 831.60 831.50 +0.01 +1.32 15

e

15>

%

% .SOFIX Sofia

<.SOFIX 587.38 591.74 -0.74% -7.60%

>

Yield Yield Spread Daily

(bid) change vs

change

Bund

in

Czech

spread

Republi

c

CZ2YT=

<CZ2YT= 6.1000 -0.130 +424b -5bps RR

2-year RR>

0

ps CZ5YT=

<CZ5YT= 5.3240 -0.120 +329b -7bps RR

5-year RR>

0

ps CZ10YT

<CZ10YT 5.1850 -0.115 +311b -10bps =RR

10-year =RR>

0

ps

Poland

PL2YT=

<PL2YT= 6.8170 -0.089 +496b -1bps RR

2-year RR>

0

ps PL5YT=

<PL5YT= 7.0680 -0.010 +504b +4bps RR

5-year RR>

0

ps PL10YT

<PL10YT 6.7560 -0.053 +468b -4bps =RR

10-year =RR>

0

ps

FORWARD

3x6

6x9

9x12

3M

interb

ank

Czech

<CZKFRA

7.27

7.19

6.86

7.24

Rep

><PRIBO

R=>

Hungary <HUFFRA 14.00 14.06 13.89 12.98

><BUBOR

=>

Poland <PLNFRA

7.41

7.48

7.40

7.16

><WIBOR

=>

Note:

are for ask

FRA

prices

quotes

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

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


Additional reporting by Pawel Florkiewicz in Warsaw; editing by Uttaresh.V and Angus MacSwan

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