Forint pares gains as cenbank raises inflation forecast



By Anita Komuves

BUDAPEST, June 30 (Reuters) - The Hungarian forint weakened on Thursday, but it held on to most of its significant gains from the previous sessions as the central bank raised its one-week deposit rate by 50 basis points.

The forint EURHUF= slid 0.58% to 396.7 per euro on Thursday, but still trading about 2% stronger than on Monday when it hit a record low at 404.5 versus the euro.

The currency jumped after the central bank raised its base rate on Tuesday by a whopping 185 basis points to 7.75%, the highest rate in the region, as it fights soaring inflation.

The National Bank of Hungary (NBH) sees tax-adjusted core inflation, its preferred measure of lasting price trends, rising to 13% to 14% this year from 7.9% to 9.4% projected three months ago, it said in its quarterly inflation report on Thursday.

On Thursday, the bank raised its one-week deposit rate by 50 basis points to 7.75% at a weekly tender, bringing the base rate and the one-week deposit rate to the same level.

"The huge rate hike managed to get some pressure off the forint, that is why it was able to firm in the negative global mood in the past few days," an FX trader in Budapest said.

"But the fundamentals have not changed, investors are worried about soaring inflation, the budget deficit and the lack of agreement over EU funds, so the forint's rate will stay above 390 unless global markets turn very optimistic."

Hungarian long-term government bond yields kept ticking lower, a fixed-income trader said, as the Hungarian Debt Management Agency (AKK) was offering to sell three series of bonds worth a total of 30 billion forints later in the day.

"Tuesday's big surprise rate hike stabilised the forint's rate ... and this seems to be supporting the middle and the long end of the curve," the trader said.

The yield on the 10-year benchmark bond was about 8.15% on Thursday, more than 20 basis points lower than on Tuesday before the rate hike.

Elsewhere, the Czech crown EURCZK= and the Romanian leu v currencies were little moved while the Polish zloty EURPLN= eased 0.21% to 4.6810 per euro.

Stock markets in the region weakened, tracking a slide in global stocks, with Prague .PX leading losses as it shed 1.48%. Budapest .BUX lost 0.89% while Warsaw .WIG20 was 1.31% weaker.

CEE

SNAPSHO AT

MARKETS T

1100 CET

CURRENC

IES

Latest Previous Daily Change

bid

close

change in

2022 Czech

<EURCZK 24.7420 24.7460 +0.02 +0.53 crown

=>

%

% Hungary <EURHUF 396.700 394.4000 -0.58% -6.88% forint =>

0

Polish <EURPLN 4.6810

4.6710 -0.21% -1.92% zloty

=>

Romania <EURRON 4.9455

4.9419 -0.07% +0.05 n leu

=>

% Croatia <EURHRK 7.5260

7.5285 +0.03 -0.11% n kuna =>

% Serbian <EURRSD 117.300 117.4800 +0.15 +0.24 dinar

=>

0

%

% Note:

calculated from

1800

daily

CET

change

Latest Previous Daily Change

close

change in

2022 Prague

.PX

1263.87 1282.820 -1.48%

0

Budapes .BUX

39543.3 39900.32 -0.89% -22.04 t

5

% Warsaw <.WIG20 1710.53 1733.19 -1.31% -24.54

>

% Buchare .BETI 12472.3 12516.82 -0.36% -4.51% st

7

Ljublja <.SBITO 1128.14 1134.22 -0.54% -10.14 na

P>

% Zagreb <.CRBEX 2014.08 2035.98 -1.08% -3.14%

>

Belgrad <.BELEX 838.93

839.27 -0.04% +2.21 e

15>

% Sofia

<.SOFIX 613.21

612.50 +0.12 -3.53%

>

%

Yield

Yield

Spread Daily

(bid)

change

vs

change

Bund

in Czech

spread Republi

c

<CZ2YT= 6.2960 -0.1020 +558b +1bps 2-year RR>

ps

<CZ5YT= 5.5640 -0.1370 +438b -5bps 5-year RR>

ps

<CZ10YT 4.9510 -0.1260 +350b -7bps 10-year =RR>

ps Poland

<PL2YT= 7.5320 -0.2140 +681b -10bps 2-year RR>

ps

<PL5YT= 7.3050 -0.1560 +612b -7bps 5-year RR>

ps

<PL10YT 6.8910 -0.2330 +544b -18bps 10-year =RR>

ps

FORWARD

3x6

6x9

9x12

3M

interb

ank Czech

<CZKFRA

7.62

7.62

7.32

7.23 Rep

><PRIBO

R=>

Hungary <HUFFRA

10.41

10.55 10.49

8.40

><BUBOR

=>

Poland <PLNFRA

8.08

8.20

8.13

7.05

><WIBOR

=>

Note:

are for ask

FRA

prices

quotes

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

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


Additional reporting by Alan Charlish in Warsaw; Editing by Krishna Chandra Eluri

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