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

1138 CET

CURRENCI

ES

Latest

Previous Daily

Change

bid

close

change in 2022 EURCZK Czech

EURCZK=

24.5200 24.5050 -0.06% +1.44% =

crown

EURHUF Hungary

EURHUF=

406.1000 405.5000 -0.15% -9.04% =

forint

EURPLN Polish

EURPLN=

4.7180

4.7175 -0.01% -2.69% =

zloty

EURRON Romanian EURRON=

4.9275

4.9251 -0.05% +0.42% =

leu

EURHRK Croatian EURHRK=

7.5215

7.5194 -0.03% -0.05% =

kuna

EURRSD Serbian

EURRSD=

117.3000 117.3200 +0.02% +0.24% =

dinar

Note:

calculated from

1800

daily

CET

change

Latest

Previous Daily

Change

close

change in 2022 .PX

Prague

.PX

1252.72 1234.160 +1.50% #VALUE!

0

.BUX

Budapest .BUX

40962.39 41178.24 -0.52% -19.24% .WIG20 Warsaw

.WIG20

1530.67 1528.29 +0.16% -32.48% .BETI Buchares .BETI

11854.93 11836.38 +0.16% -9.24%

t

.SBITO Ljubljan .SBITOP

1086.60 1077.98 +0.80% -13.45% P

a

.CRBEX Zagreb

.CRBEX

1990.06 1983.17 +0.35% -4.29% .BELEX Belgrade .BELEX15

834.79

842.58 -0.92% +1.71% 15

.SOFIX Sofia

.SOFIX

607.67

611.62 -0.65% -4.41%

Yield

Yield

Spread Daily

(bid)

change

vs Bund change

in

Czech

spread

Republic

CZ2YT=

2-year CZ2YT=RR

5.9980 -0.0250 +455bp

-7bps RR

s CZ5YT=

5-year CZ5YT=RR

4.9930

0.1640 +339bp +12bps RR

s CZ10YT

CZ10YT=RR

4.6880

0.1370 +296bp +10bps =RR

10-year

s

Poland

PL2YT=

2-year PL2YT=RR

6.5480

0.0260 +510bp

-2bps RR

s PL5YT=

5-year PL5YT=RR

6.5110

0.1120 +491bp

+7bps RR

s PL10YT

PL10YT=RR

6.0230

0.0550 +430bp

+2bps =RR

10-year

s

FORWARD

3x6

6x9

9x12

3M

interba

nk

Czech

CZKFRA <PR

7.22

7.10

6.72

7.25

Rep

IBOR=>

Hungary

HUFFRA <BU

14.17

14.40

14.03

12.90

BOR=>

Poland

PLNFRA <WI

7.51

7.53

7.40

7.15

BOR=>

Note:

are for ask prices

FRA

quotes

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

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


Reporting by Jason Hovet in Prague; Editing by Sherry Jacob-Phillips

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