Hungary's forint hits record low, stocks weaken



BUCHAREST, July 5 (Reuters) - Central European shares tracked European indexes lower on Tuesday, driven by increasing concerns of recession, while the Hungarian forint hit a record low against the euro.

Elsewhere in the region, Polish and Romanian central bankers are expected to hike their benchmark interest rates this week, but their currencies were little moved.

By 0950 GMT, blue chip indexes in Budapest .BUX and Warsaw .WIG20 were each down 1.0% on the day, while Bucharest's .BETI fell 0.8%.

The forint EURHUF= traded at 406.0000 per euro, a record low and down 0.9% on the day. The Polish zloty EURPLN= was 0.7% weaker, while the Romanian leu EURRON= , tightly controlled by the central bank, was flat.

"The firming of the dollar puts pressure on the forint, while some market players could be trying to push the central bank towards raising its one-week deposit rate by more than 30 basis points on Thursday by weakening the forint," an FX trader in Budapest said. "This means that the forint could keep easing until Thursday."

The bank uses the one-week deposit rate to tackle short-term market volatility and sets the interest rate every Thursday. Last week, it raised its base rate by 185 basis points and its one-week deposit rate by 50 basis points, bringing both rates to 7.75%.

The forint is central Europe's worst performer so far this year, losing more than 9% versus the euro, kept down by soaring inflation, negative real interest rates and a lack of agreement between the Hungarian government and Brussels over the release of EU funds.

In Romania, policymakers are expected to hike the key rate by 75 basis point to 4.50% on Wednesday, still the lowest among its regional peers.

However, BCR bank said in a research note tight liquidity control kept market rates elevated which led to "tighter monetary conditions than suggested by the key rate".

Polish central bankers are also expected to hike by 75 basis points on Thursday.

"The zloty remains under moderate pressure from the external environment," Bank Millennium said in a note. "Waiting for the outcome of Thursday's meeting of the Monetary Policy Council and the Friday conference of the President of the National Bank of Poland prevent the zloty from weakening more."

"A 75bp rate hike consistent with the consensus would be relatively neutral for the zloty valuation."

CEE

SNAPSHO AT

MARKETS T

1211

CET

CURRENC

IES

Latest Previou Daily

Change

s

bid

close

change in 2022 Czech

<EURCZK= 24.7440 24.7430 -0.00% +0.52% crown

>

Hungary <EURHUF= 405.500 402.200 -0.81% -8.91% forint

>

0

0

Polish

<EURPLN= 4.7410 4.7185 -0.47% -3.16% zloty

>

Romanian <EURRON= 4.9439 4.9460 +0.04% +0.09% leu

>

Croatian <EURHRK= 7.5240 7.5275 +0.05% -0.09% kuna

>

Serbian <EURRSD= 117.330 117.380 +0.04% +0.21% dinar

>

0

0

Note:

calculated from

1800

daily

CET

change

Latest Previou Daily

Change

s

close

change in 2022 Prague

.PX

1212.59 1212.59 +0.00% #VALUE!

00

Budapest .BUX

39398.8 39707.1 -0.78% -22.32%

3

9

Warsaw

.WIG20 1678.69 1693.10 -0.85% -25.95% Buchares .BETI

12252.4 12368.8 -0.94% -6.19% t

9

3

Ljubljan <.SBITOP 1117.33 1118.21 -0.08% -11.00% a

>

Zagreb

.CRBEX 1999.29 2003.01 -0.19% -3.85% Belgrade <.BELEX1 838.01 838.45 -0.05% +2.10%

5>

Sofia

.SOFIX

610.32 609.24 +0.18% -3.99%

Yield

Yield

Spread Daily

(bid)

change vs Bund change

in Czech

spread Republic

2-year <CZ2YT=R 6.2230 -0.0060 +569bp

+8bps

R>

s 5-year <CZ5YT=R 5.3410 -0.0030 +437bp

+8bps

R>

s

<CZ10YT= 4.5750 -0.1140 +330bp

-5bps 10-year RR>

s Poland

2-year <PL2YT=R 7.6860 -0.1480 +715bp

-6bps

R>

s 5-year <PL5YT=R 7.0440 0.0530 +607bp +14bps

R>

s

<PL10YT= 6.5640 -0.0210 +529bp

+4bps 10-year RR>

s

FORWARD

3x6

6x9

9x12

3M

interba

nk Czech

CZKFRA

7.51

7.42

6.80

7.23 Rep

<PRIBOR=

>

Hungary

HUFFRA

10.79

10.89

10.95

8.51

BUBOR=

Poland

PLNFRA

7.97

8.02

7.81

7.08

WIBOR=

Note:

are for ask

FRA

prices

quotes

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

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


Reporting by Luiza Ilie in Bucharest, Anita Komuves in Budapest and Pawel Florkiewicz in Warsaw; Editing by Barbara Lewis

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