Stocks, currencies rise on Fed chief's dovish signal



BUCHAREST, July 29 (Reuters) - Most central European stocks and currencies tracked broader markets higher on Thursday, after U.S. Federal Reserve Chair Jerome Powell indicated the central bank would wait further to taper stimulus.

Powell on Wednesday said the job market needed to recover more before the Fed considers pulling back its support aimed at countering the economic damage from the COVID-19 pandemic.

By 0930 GMT, Hungary's benchmark index .BUX led gains in the region, adding 1.4%. Poland's .WIG20 was up 0.7%, Romania's .BETI 0.2% and Czech equities .PX 0.1%.

The Hungarian forint EURHUF rose 0.4% to a near one-week high against the euro at 358.8700. The Czech crown EURCZK= was up 0.3% at 25.5380.

In June, the Czech and Hungarian central banks became the European Union's first policymakers to tighten interest rates since the pandemic hit, faced with strong inflationary pressures.

Hungary further raised rates by more than expected on Tuesday and said it would take "firm steps" on a monthly basis to rein in inflation.

Czech deputy central bank governor, Tomas Nidetzky, also said earlier this week he supported a swift pace of raising borrowing costs.

"Based on domestic monetary policy, both the crown and forint have room to outperform the zloty and the other major EM currencies in the coming weeks," Unicredit said in a note.

Elsewhere in the region, the Polish zloty was 0.2% higher against the euro. The Romanian leu EURRON= was flat.

Romania's central bank does not plan to hike its benchmark interest rate at its next meeting in August, although it is assessing a timeline for a return to policy normalisation.

CEE

SNAPSHO AT

MARKETS T

1145

CET

CURRENC

IES

Latest Previou Daily

Change

s

bid

close

change in 2021 Czech

<EURCZK= 25.5080 25.6100 +0.40% +2.83% crown

>

Hungary <EURHUF= 358.400 360.420 +0.56% +1.21% forint

>

0

0

Polish

<EURPLN= 4.5880 4.5948 +0.15% -0.63% zloty

>

Romanian <EURRON= 4.9210 4.9220 +0.02% -1.14% leu

>

Croatian <EURHRK= 7.5050 7.5025 -0.03% +0.57% kuna

>

Serbian <EURRSD= 117.500 117.550 +0.04% +0.06% dinar

>

0

0

Note:

calculated from

1800

daily

CET

change

Latest Previou Daily

Change

s

close

change in 2021 Prague

.PX

1200.69 1200.60 +0.01% +16.90

00

% Budapest .BUX

48111.5 47527.5 +1.23% +14.26

1

3

% Warsaw

.WIG20 2265.19 2245.76 +0.87% +14.17

% Buchares .BETI

11850.3 11809.4 +0.35% +20.85 t

0

3

% Ljubljan <.SBITOP 1159.13 1150.57 +0.74% +28.67 a

>

% Zagreb

.CRBEX 1942.88 1934.02 +0.46% +11.71

% Belgrade <.BELEX1 775.66 775.66 +0.00% +3.61%

5>

Sofia

.SOFIX

571.69 572.22 -0.09% +27.74

%

Yield

Yield

Spread Daily

(bid)

change vs Bund change

in Czech

spread Republic

2-year <CZ2YT=R 1.4080 0.0130 +216bp

+2bps

R>

s 5-year <CZ5YT=R 1.6030 -0.0380 +233bp

-4bps

R>

s

<CZ10YT= 1.7210 0.0000 +216bp

-1bps 10-year RR>

s Poland

2-year <PL2YT=R 0.3310 -0.0670 +109bp

-6bps

R>

s 5-year <PL5YT=R 1.0870 0.0440 +181bp

+4bps

R>

s

<PL10YT= 1.7440 0.0650 +218bp

+6bps 10-year RR>

s

FORWARD

3x6

6x9

9x12

3M

interba

nk Czech

CZKFRA

1.26

1.62

1.91

0.72 Rep

<PRIBOR=

>

Hungary

HUFFRA

1.90

2.04

2.16

1.35

BUBOR=

Poland

PLNFRA

0.31

0.43

0.57

0.21

WIBOR=

Note:

are for ask

FRA

prices

quotes

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

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


Reporting by Luiza Ilie; Editing by Ramakrishnan M.

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