Hungarian forint rallies, bond yields retreat on EU deal hopes



By Anita Komuves

BUDAPEST, Sept 12 (Reuters) - The Hungarian forint extended gains on Monday, outperforming regional peers, while government bond yields retreated from a 10-year high with investors assessing potential positive news about talks over European Union funds.

The forint EURHUF= strengthened 0.6% to trade at 394.20 per euro.

"On Wednesday, this topic [EU funds] will be discussed in the European Parliament, which could bring some negative noise," ING wrote in a note.

"But the final decision should be published by the European Commission next week on Thursday and we expect a positive outcome ... a positive tone from the European Commission should help the forint settle below the 400 EUR/HUF level."

Long-term Hungarian government bond yields were 10-15 basis points lower after rising to a 10-year high on Friday, when investors priced in increasing interbank market rates and worries about stubborn inflation.

"Liquidity is so low that it is easy for yields to jump in either direction," a fixed-income trader in Budapest said.

"Today yields are lower as the forint's rate and optimism about EU talks are both supportive. Trade volumes are still very low, as investors don't really want to commit to anything before they hear from Brussels on Wednesday."

The yield on the 10-year bond was about 9.25%.

The Czech crown EURCZK= slid 0.20% to 24.594 per euro, as data showed inflation unexpectedly slowed in August for the first time since the central bank began a hefty policy tightening cycle in June 2021.

In Romania, the leu EURRON= traded 0.13% lower at 4.9064 versus the common currency as data showed inflation reaching 15.3% in August, a touch above expectations.

Central Europe has battled surging inflation with sharp interest rate rises since last year, but many policymakers are now largely looking to stabilise policy as price growth nears peaks and economies slow.

The Polish zloty EURPLN= edged down 0.11% to trade at 4.7075 per euro, as rate setter Ludwik Kotecki said inflation may remain at two-digit levels until the end of 2024, arguing interest rate hikes should be faster and stronger to curb price growth.

CEE

SNAPSHOT

AT

MARKETS

1034

CET

CURRENCIES

Latest

Previo Daily Change

us

bid

close change in

2022 EURCZK Czech

EURCZK=

24.5940 24.545 -0.20% +1.13 =

crown

0

% EURHUF Hungary EURHUF=

394.2000 396.55 +0.60 -6.29% =

forint

00

% EURPLN Polish

EURPLN=

4.7075 4.7025 -0.11% -2.47% =

zloty

EURRON Romania EURRON=

4.9064 4.9000 -0.13% +0.85 =

n leu

% EURHRK Croatia EURHRK=

7.5195 7.5245 +0.07 -0.03% =

n kuna

% EURRSD Serbian EURRSD=

117.3000 117.35 +0.04 +0.24 =

dinar

00

%

%

Note:

calculated from

1800

daily

CET

change

Latest

Previo Daily Change

us

close change in

2022 .PX

Prague

.PX

1220.72 1199.2 +1.79

700

% .BUX

Budapes .BUX

41281.06 40910. +0.91 -18.61

t

81

%

% .WIG20 Warsaw

.WIG20

1555.26 1534.6 +1.34 -31.39

8

%

% .BETI Buchare .BETI

11905.33 11876. +0.24 -8.85%

st

73

% .SBITO Ljublja .SBITOP

1078.88 1067.7 +1.05 -14.07 P

na

2

%

% .CRBEX Zagreb

.CRBEX

1981.71 1983.1 -0.07% -4.70%

1

.BELEX Belgrad .BELEX15

847.84 847.97 -0.02% +3.30 15

e

% .SOFIX Sofia

.SOFIX

609.09 605.20 +0.64 -4.18%

%

Yield

Yield Spread Daily

(bid)

change vs

change

Bund

in

Czech

spread

Republi

c

CZ2YT=

CZ2YT=RR

6.2520 -0.012 +489b -6bps RR

2-year

0

ps CZ5YT=

CZ5YT=RR

5.1840 -0.110 +363b -13bps RR

5-year

0

ps CZ10YT

<CZ10YT=RR

4.6610 -0.144 +296b -14bps =RR

10-year >

0

ps

Poland

PL2YT=

PL2YT=RR

6.5850 -0.075 +522b -12bps RR

2-year

0

ps PL5YT=

PL5YT=RR

6.3580 -0.045 +480b -6bps RR

5-year

0

ps PL10YT

<PL10YT=RR

5.9210 -0.094 +422b -9bps =RR

10-year >

0

ps

FORWARD

3x6

6x9

9x12

3M

interb

ank

Czech

CZKFRA <P

7.29

7.20

6.72

7.26

Rep

RIBOR=>

Hungary HUFFRA <B

14.26 14.55 14.30 12.85

UBOR=>

Poland

PLNFRA <W

7.25

7.25

7.00

7.15

IBOR=>

Note:

are for ask prices

FRA

quotes

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

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


Additional reporting by Pawel Florkiewicz in Warsaw; Editing by Sherry Jacob-Phillips

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