Forint leads region lower as investors on edge over Russia, Fed meeting



By Krisztina Than

BUDAPEST, Sept 21 (Reuters) - Hungary's forint fell 0.9%, leading central European currencies lower on Wednesday, after Russian President Vladimir Putin announced a partial mobilisation, which investors fear might lead to an escalation of the war in Ukraine.

"The euro has dropped, and the dollar gains on the partial mobilisation in Russia ... thus the forint is weakening along with the region's currencies and the further rise in gas prices also weighs on the forint," Magyar Bankholding said in a note.

The euro fell and safe-haven bond markets in the euro area rallied after Putin also accused the West of nuclear blackmail against Russia.

The forint EURHUF= was down 0.9% at 403.50 per euro at 0750 GMT, while the Polish zloty EURPLN= was down 0.5%. Elsewhere, the Czech crown EURCZK= eased 0.04%, while the region's stock exchanges mostly turned into red on the rising geopolitical risks.

The Federal Reserve's policy meeting on Wednesday, in which the U.S. central bank is widely expected to deliver another hefty interest rate hike to tame inflation, is also weighing on emerging markets, traders said.

"The dollar is strengthening, which is negative for the zloty and other currencies in the region. The dollar is strengthening as everyone awaits the Fed's decision in the evening, which will most likely decide on a large interest rate hike," said Mateusz Sutowicz, a financial market analyst at Bank Millennium in Warsaw.

"The speech of the Russian president on the partial mobilisation of soldiers also has a negative impact on the mood. It indicates an increase in geopolitical risk, which is also unfavorable for currencies sensitive to increased risk aversion."

With risk appetite falling, the Czech central bank may need to intervene again to prop up the crown after a few weeks of calm, some traders said. The Czech central bank has had a mandate since May to intervene in markets to prevent excessive weakening of the crown while it battles inflation pressures.

"The crown will stay under pressure in the coming weeks due to stricter global financial conditions, which means the tempo of interventions can intensify in the near future," CSOB said in a trade note.

CEE

SNAPSHO AT

MARKETS T

0950

CET

CURRENC

IES

Latest Previou Daily

Change

s

bid

close

change in 2022 EURCZK Czech

<EURCZK 24.6550 24.6440 -0.04% +0.88% =

crown

=>

EURHUF Hungary <EURHUF 403.500 399.950 -0.88% -8.45% =

forint

=>

0

0

EURPLN Polish

<EURPLN 4.7535 4.7320 -0.45% -3.42% =

zloty

=>

EURRON Romanian <EURRON 4.9420 4.9424 +0.01% +0.13% =

leu

=>

EURHRK Croatian <EURHRK 7.5200 7.5195 -0.01% -0.03% =

kuna

=>

EURRSD Serbian <EURRSD 117.250 117.260 +0.01% +0.28% =

dinar

=>

0

0

Note:

calculated from

1800

daily

CET

change

Latest Previou Daily

Change

s

close

change in 2022 .PX

Prague

.PX

1190.68 1208.26 -1.45% #VALUE!

00

.BUX

Budapest .BUX

39430.6 39691.4 -0.66% -22.26%

0

6

.WIG20 Warsaw

<.WIG20 1507.42 1497.41 +0.67% -33.50%

>

.BETI Buchares .BETI 11449.7 11472.4 -0.20% -12.34%

t

1

5

.SBITO Ljubljan <.SBITO 1059.75 1060.53 -0.07% -15.59% P

a

P>

.CRBEX Zagreb

<.CRBEX 1970.18 1976.59 -0.32% -5.25%

>

.BELEX Belgrade <.BELEX 847.54 848.57 -0.12% +3.26% 15

15>

.SOFIX Sofia

<.SOFIX 601.13 601.60 -0.08% -5.44%

>

Yield

Yield

Spread Daily

(bid)

change vs Bund change

in

Czech

spread

Republic

CZ2YT=

2-year <CZ2YT= 6.0060 -0.0320 +434bp

+3bps RR

RR>

s CZ5YT=

5-year <CZ5YT= 5.0310 -0.0090 +327bp

+7bps RR

RR>

s CZ10YT

<CZ10YT 4.7070 0.0110 +285bp +10bps =RR

10-year =RR>

s

Poland

PL2YT=

2-year <PL2YT= 6.4890 -0.1110 +483bp

-5bps RR

RR>

s PL5YT=

5-year <PL5YT= 6.4900 -0.0350 +473bp

+4bps RR

RR>

s PL10YT

<PL10YT 6.0890 -0.1010 +423bp

-2bps =RR

10-year =RR>

s

FORWARD

3x6

6x9

9x12

3M

interba

nk

Czech

<CZKFRA

7.23

7.10

6.77

7.24

Rep

><PRIBO

R=>

Hungary <HUFFRA

14.16

14.45

13.70

12.91

><BUBOR

=>

Poland

<PLNFRA

7.34

7.32

7.18

7.14

><WIBOR

=>

Note:

are for ask

FRA

prices

quotes

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

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


Reporting by Krisztina Than in Budapest Additional reporting by Anna Koper in Warsaw and Jason Hovet in Prague Editing by Mark Potter

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