Hungary's forint leads gains, buoyed by optimism over EU funds talks
BUDAPEST, Sept 20 (Reuters) - Hungary's forint rose half a percent in early trade on Tuesday, benefiting from investors' hopes that Budapest might in the end meet European Union (EU) demands and deliver on its pledges to be able to secure billions of euros in EU funding.
Hungary's government submitted the first of several anti-corruption bills to parliament late on Monday as it scrambles to avoid losing EU money, after the EU executive recommended on Sunday suspending funds worth 7.5 billion euros for what it sees as Hungary's failure to combat corruption and uphold the rule of law.
More legislation is expected to come this week as Budapest tries to convince the European Commission with its reforms to withdraw its proposed sanctions against Hungary by Nov. 19.
"Right now, there is no negative gloom and doom hanging above us, so players have been also selling the Polish zloty and buying the forint," a dealer in Budapest said, adding that he expected the forint to trade between 395-405 versus the euro in coming weeks.
He said the Federal Reserve's upcoming policy meeting, in which the U.S. central bank is widely expected to deliver another hawkish interest rate hike, could weigh on emerging markets, including Central European assets.
Hungary has been locked in rule of law disputes with the European Commission this year, which has put at risk its access to EU funds and has weakened the forint at a time when the central bank struggles to curb double-digit inflation.
The currency has lost more than 7% so far this year, making it central Europe's worst performer.
The forint EURHUF= was up 0.5% at 398.25 per euro on Tuesday. Elsewhere, other currencies in central Europe also mostly firmed slightly, with the Czech crown EURCZK= gaining 0.1%. The Polish zloty EURPLN= was flat. "The forint has gained strength, with the euro/forint rate getting below important support levels. If the currency can hold firmer than 399.62 then the (positive) correction towards 394 could continue," brokerage Equilor said in a note.
Latest Previou Daily
change in 2022 EURCZK Czech
<EURCZK 24.5070 24.5250 +0.07% +1.49% =
EURHUF Hungary <EURHUF 398.250 400.500 +0.56% -7.25% =
<EURPLN 4.7080 4.7085 +0.01% -2.49% =
EURRON Romanian <EURRON 4.9300 4.9350 +0.10% +0.37% =
EURHRK Croatian <EURHRK 7.5170 7.5205 +0.05% +0.01% =
EURRSD Serbian <EURRSD 117.250 117.260 +0.01% +0.28% =
Latest Previou Daily
change in 2022 .PX
1224.54 1215.38 +0.75% #VALUE!
40371.0 40261.7 +0.27% -20.41%
<.WIG20 1541.39 1527.25 +0.93% -32.01%
.BETI Buchares .BETI 11625.5 11444.8 +1.58% -10.99%
.SBITO Ljubljan <.SBITO 1065.72 1063.57 +0.20% -15.11% P
<.CRBEX 1979.72 1977.81 +0.10% -4.79%
.BELEX Belgrade <.BELEX 849.82 849.82 +0.00% +3.54% 15
<.SOFIX 606.48 606.48 +0.00% -4.59%
change vs Bund change
2-year <CZ2YT= 5.9030 -0.1160 +423bp -19bps RR
5-year <CZ5YT= 5.0310 0.0240 +326bp
<CZ10YT 4.6820 -0.0240 +282bp -10bps =RR
2-year <PL2YT= 6.6840 0.0880 +501bp
5-year <PL5YT= 6.6150 0.1010 +484bp
<PL10YT 6.2230 0.0950 +436bp
are for ask
Reporting by Krisztina Than in Budapest; editing by Uttaresh.V
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