Hungarian forint hovers at 2-week low amid EU fund concerns
PRAGUE, Sept 15 (Reuters) - The forint on Thursday hovered near its lowest level in more than two weeks, as the unit remained weak following reports the European Commission would recommend suspending billions of euros earmarked for Hungary.
After a drop of more than half a percent in the previous session, the forint EURHUF= clawed back some losses to trade down 0.15% at 406.1 to the euro, as of 0938 GMT.
Two officials told Reuters the European Commission was expected to recommend on Sunday the suspension of up to 70% of 22.5 billion euros worth of cohesion funds earmarked for Hungary from the EU's 2021-27 budget.
Hungary has long been locked in rule of law disputes with the EU, risking it funds, which has weighed on the forint, so far the central Europe's worst-performing currency this year.
Stock indexes in the region were mixed, with Prague .PX climbing 1.5% to lead the gains, while Budapest .BUX fell 0.5%.
The Czech crown EURCZK= and Romania's leu EURRON= both eased.
In Poland, the zloty EURPLN= was flat after final inflation data confirmed a preliminary reading showing year-on-price growth topped 16% last month.
With strong interest rate hikes around central Europe in the past year, the data comes as Poland's central bank governor Adam Glapinski said last week rates could be held in October or raised slightly amid concerns high borrowing costs could weigh too much on the economy.
Traders were turned to U.S. retail and industrial production data due out later in the day, with the dollar near recent peaks amid expectations the U.S. Federal Reserve will continue to tighten policy aggressively as it tries to curb inflation.
"A potential source of volatility may turn out to be the US data, which may affect the Polish currency through the Eurodollar channel," Bank Millennium said.
CEE MARKETS SNAPSHOT AT
change in 2022 EURCZK Czech
24.5200 24.5050 -0.06% +1.44% =
406.1000 405.5000 -0.15% -9.04% =
4.7175 -0.01% -2.69% =
EURRON Romanian EURRON=
4.9251 -0.05% +0.42% =
EURHRK Croatian EURHRK=
7.5194 -0.03% -0.05% =
117.3000 117.3200 +0.02% +0.24% =
change in 2022 .PX
1252.72 1234.160 +1.50% #VALUE!
40962.39 41178.24 -0.52% -19.24% .WIG20 Warsaw
1530.67 1528.29 +0.16% -32.48% .BETI Buchares .BETI
11854.93 11836.38 +0.16% -9.24%
.SBITO Ljubljan .SBITOP
1086.60 1077.98 +0.80% -13.45% P
1990.06 1983.17 +0.35% -4.29% .BELEX Belgrade .BELEX15
842.58 -0.92% +1.71% 15
611.62 -0.65% -4.41%
vs Bund change
5.9980 -0.0250 +455bp
0.1640 +339bp +12bps RR
0.1370 +296bp +10bps =RR
are for ask prices
Reporting by Jason Hovet in Prague; Editing by Sherry Jacob-Phillips
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