CEE MARKETS-FX searches for cues after policymakers stay put

CD PROJEKT RED

09/10/2026 09:30

WARSAW, Oct 9 (Reuters) - Central European currencies were stable to slightly stronger on Friday as investors analysed the latest signals from central banks and the global economy. 
The Polish zloty EURPLN= was looking for direction after the Monetary Policy Council kept interest rates unchanged this week and central bank Governor Adam Glapinski said the MPC was ready to act in case risks to inflation rise.
"Glapinski initially struck a hawkish tone, highlighting inflation risks and the impact of higher energy prices. However, the key takeaway for the market is that, according to the Governor, a rate hike in November is unlikely," ING said.  
"Unless inflation delivers a significant surprise in November, rate hikes will be postponed until the first quarter of 2027 – our baseline scenario."
The Polish zloty was stable at 4.3790 per euro at 0752 GMT. 
ING analysts added they maintained their view that the EUR/PLN trading range would shift from 4.360-4.380 to 4.380-4.400, driven by a strong US dollar, higher energy prices, and risk-off sentiment in the eurozone.
MPC member Ludwik Kotecki said that if inflation projections do not show it returning close to 2.5% by the end of 2027 or start of 2028, then a 25-basis-point rate hike would be necessary in November, PAP agency reported on Friday.
The National Bank of Romania also kept interest rates unchanged on Thursday, and markets kept an eye on political developments. 
Centrist President Nicusor Dan late on Monday nominated diplomat Luca Niculescu as prime minister, his fourth nomination in five months since a broad pro-European coalition government collapsed in a no-confidence vote.
The crisis has pushed Romanian debt yields higher and driven the leu to record lows, raising concerns that a weaker currency could fuel inflation.
"EUR/RON drifted lower yesterday following headlines suggesting hope for a new government under technocratic leadership backed by the original coalition parties," ING noted. 
Elsewhere, the Hungarian forint EURHUF= rose 0.3% to 364.74 per euro and the Czech crown EURCZK= gained 0.1% to 24.3650.
Stock markets in the region were up, gaining 0.6-1.3%, with shares in Polish game studio CD Projekt RED CDR.WA rising 2.6% on the news that Paramount Pictures is developing a live-action film set in the universe of its "Cyberpunk 2077" game.
CEE MARKETS SNAPSHOT AT  0952 CET                                                                                                   
CURRENCIES                                 
Latest trade
Previous close
Daily change
Change in 2026
Czech crown
EURCZK=
24.3650
24.3840
 +0.08%
-0.81%
Hungary forint
EURHUF=
364.7400
365.9000
 +0.32%
 +5.38%
Polish zloty
EURPLN=
4.3790
4.3816
 +0.06%
-3.73%
Romanian leu
EURRON=
5.3420
5.3475
 +0.10%
-4.64%
Serbian dinar
EURRSD=
117.2800
117.5000
 +0.19%
 +0.02%
Note: daily change calculated from 1800 CET                                                                                                 
                                                                                                                                                                                                                                         
STOCKS                                           
Latest
Previous close
Daily change
Change in 2026
Prague
.PX
2559.28
2545.2700
 +0.55%
-4.71%
Budapest
.BUX
138956.45
137165.79
 +1.31%
 +25.15%
Warsaw
.WIG20
4158.20
4128.78
 +0.71%
 +30.60%
Bucharest
.BETI
33376.30
33557.95
-0.54%
 +36.57%
                                                                                                                                                                                                                                          
BONDS                                                                                             
Yield (bid)
Yield change
Spread vs Bund
Daily change in spread
Czech Rep 2-year
CZ2YT=RR
4.3458
0.0182
 +128bps
 +4bps
Czech Rep 5-year
CZ5YT=RR
4.6870
-0.0265
 +148bps
 +0bps
Czech Rep 10-year
CZ10YT=RR
5.3309
-0.0591
 +187bps
-3bps






Poland 2-year
PL2YT=RR
4.6990
0.0070
 +163bps
 +3bps
Poland 5-year
PL5YT=RR
5.8830
-0.0770
 +267bps
-5bps
Poland 10-year
PL10YT=RR
6.3210
-0.0350
 +286bps
 +0bps
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
FORWARD RATE AGREEMENTS
3x6
6x9
9x12
3M interbank
Czech Rep
CZKFRA, PRIBOR=
#N/A
#N/A
#N/A
#N/A
Poland
PLNFRA, WIBOR=
#N/A
#N/A
#N/A
#N/A
Note: FRA quotes are for ask prices




 (Reporting by Anna Wlodarczak-Semczuk in Warsaw and Jason Hovet in Prague; Editing by Kevin Buckland)
 ((anna.wlodarczak@thomsonreuters.com;))