Forint stable ahead of next week's key rate meeting



By Anita Komuves

BUDAPEST, June 18 (Reuters) - The Hungarian forint was stable on Friday after suffering heavy losses this week ahead of a key central bank meeting next Tuesday when any lower-than-expected rate hike could further pressure the currency.

A Reuters poll on Wednesday forecast a 25 basis point rise in the Hungarian base rate at Tuesday's meeting, which would make the country the first in the European Union to tighten monetary policy after the coronavirus pandemic.

The forint EURHUF= was trading at 355 per euro at the end of a week when it fell nearly 2%, underperforming its regional peers.

Most central European currencies fell in the previous two sessions as a hawkish message from the U.S. Federal Reserve on Wednesday dampened risk appetite.

The forint was also hit this week by a central banker's comments on Monday that the bank could raise rates quarterly, which would be slower than current market expectations, a trader in Budapest said.

"If the rate hike next week is lower than what markets are pricing in, that could further weaken the forint," he said.

The Czech central bank will hold its policy meeting next Wednesday.

Expectations of policy tightening boosted the forint and the Czech crown to lead gains in central Europe in the first half of 2021, although they both gave up some of those gains after the Fed said it could tighten policy sooner than expected.

The crown EURCZK= edged up 0.06% to 25.519 versus the common currency on Friday.

The Polish zloty EURPLN= was little moved.

"The zloty came out relatively unscathed from the turmoil in recent days" as it is supported by a strong economy, ING wrote.

"However, the potential for strengthening will be limited by the policy of the NBP (National Bank of Poland), which will most likely decide to raise rates at the earliest in November."

Stocks in the region were mixed, with Prague .PX and Budapest .BUX both down 0.49%. Warsaw .WIG20 gained 0.28% and Bucharest .BETI was up 0.33%.

CEE

SNAPSHOT AT

MARKETS

1125 CET

CURRENCI

ES

Latest

Previous Daily Change

bid

close

change in

2021 EURCZK= Czech

<EURCZK= 25.5190 25.5350 +0.06 +2.78

crown

>

%

% EURHUF= Hungary <EURHUF= 355.0000 355.0500 +0.01 +2.17

forint

>

%

% EURPLN= Polish

<EURPLN=

4.5510

4.5514 +0.01 +0.18

zloty

>

%

% EURRON= Romanian <EURRON=

4.9255

4.9248 -0.01% -1.23%

leu

>

EURHRK= Croatian <EURHRK=

7.4940

7.4935 -0.01% +0.71

kuna

>

% EURRSD= Serbian <EURRSD= 117.4500 117.5500 +0.09 +0.10

dinar

>

%

%

Note:

calculated from

1800

daily

CET

change

Latest

Previous Daily Change

close

change in

2021 .PX

Prague

.PX

1167.18 1173.950 -0.58% +13.6

0

3% .BUX

Budapest .BUX

48482.49 48795.68 -0.64% +15.1

4% .WIG20 Warsaw

.WIG20

2212.77 2211.58 +0.05 +11.5

%

3% .BETI

Buchares .BETI

11687.90 11657.26 +0.26 +19.2

t

%

0% .SBITOP Ljubljan <.SBITOP 1146.99 1145.47 +0.13 +27.3

a

>

%

2% .CRBEX Zagreb

.CRBEX

1995.16 1996.43 -0.06% +14.7

1% .BELEX1 Belgrade <.BELEX1

778.79

778.79 +0.00 +4.03 5

5>

%

% .SOFIX Sofia

.SOFIX

550.33

550.74 -0.07% +22.9

7%

Yield

Yield

Spread Daily

(bid)

change

vs

change

Bund

in

Czech

spread

Republic

CZ2YT=R

2-year <CZ2YT=R

0.3850

0.0000 +106b +0bps R

R>

ps CZ5YT=R

5-year <CZ5YT=R

1.6110 -0.0490 +221b -5bps R

R>

ps CZ10YT=

<CZ10YT=

1.7260 -0.0630 +192b -6bps RR

10-year RR>

ps

Poland

PL2YT=R

2-year <PL2YT=R

0.3250 -0.0170 +100b -2bps R

R>

ps PL5YT=R

5-year <PL5YT=R

1.2740 -0.0420 +187b -4bps R

R>

ps PL10YT=

<PL10YT=

1.7670 -0.0220 +196b -1bps RR

10-year RR>

ps

FORWARD

3x6

6x9

9x12

3M

interb

ank

Czech

CZKFRA

0.78

1.05

1.36

0.44

Rep

<PRIBOR=

>

Hungary

HUFFRA

1.42

1.69

1.86

0.93

BUBOR=

Poland

PLNFRA

0.33

0.50

0.70

0.21

WIBOR=

Note:

are for ask prices

FRA

quotes

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

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


Additional reporting by Alan Charlish in Warsaw and Jason Hovet in Prague Editing by Gareth Jones

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