CEE MARKETS-Forint, zloty weighed down by firmer dollar
14/02/2024 09:57
By Boldizsar Gyori
BUDAPEST, Feb 14 (Reuters) - Hungary's forint led losses
in central Europe on Wednesday, with currencies easing as a
firmer dollar dragged, along with data showing economies in the
region mostly stalled at the end of 2023.
Hungary's forint EURHUF= weakened 0.2% to the euro,
trading at 387.6 to the euro at 0907 GMT.
U.S. consumer prices increased more than expected in
January, a much-awaited data published on Tuesday showed,
sending the dollar to three-month highs to major peers as
traders pushed back bets for a first Federal Reserve interest
rate cut.
The general weakening of Central European currencies was
mainly attributable to the firming dollar, which cuts risk
appetite for emerging market currencies.
"There is calm trading, it is the dollar that weighs down
the region," a Budapest-based trader said.
The Polish zloty EURPLN= also retreated during early
trading hours, only to return trading at 4.34, as investors
waited for domestic inflation data scheduled to be published on
Thursday.
"The zloty exchange rate later in the week will probably be
the result of the EUR/USD trend and the domestic inflation data
published tomorrow," Bank Millennium wrote in a note.
"In our opinion, CPI will surprise on the lower side,
maintaining expectations for quick cuts in NBP rates. Therefore,
in the short term, we are counting on attempts to break the
EUR/PLN rate above 4.35," it added.
Gross domestic product data on Wednesday showed the Polish
economy was stagnant on a quarterly basis in the final three
months of 2023, although analysts had expected contraction.
Year-on-year growth was a touch slower than expected.
Hungary's economic recovery also stalled in the fourth
quarter, as industry declined.
The Czech crown EURCZK= traded at 25.37 per euro,
remaining stuck at 21-month lows after the central bank
delivered a hefty 50 basis-point rate cut last week.
CEE SNAPSH AT
MARKETS OT 1007
CET
CURREN
CIES
Latest Previo Daily Change
us
bid close change in
2024
EURCZK Czech 0 0 %
EURHUF Hungary 00 00
EURPLN Polish %
EURRON Romania %
EURRSD Serbian 00 00 % %
Note: calcula 1800
daily ted CET
change from
Latest Previo Daily Change
us
close change in
2024
.PX Prague .PX 1476.0 1470.9 +0.34 +4.39
4 900 % %
.BUX Budapes .BUX 64786. 64756. +0.05 +6.87
t 11 50 % %
.WIG20 Warsaw <.WIG20 2316.3 2300.0 +0.71 -1.14%
> 7 9 %
.BETI Buchare .BETI 15699. 15675. +0.15 +2.13
st 03 54 % %
Spread Daily
vs change
Bund in
Czech spread
Republi
c
CZ2YT= 0 ps
CZ5YT= 0 ps
CZ10YT 0 ps
Poland
PL2YT= 0 ps
PL5YT= 0 ps
PL10YT 0 ps
FORWARD
3x6 6x9 9x12 3M
interb
ank
Czech
Hungary
Poland
Note: are for ask
FRA prices
quotes
****************************************
**********************
(Reporting by Boldizsar Gyori in Budapest; Editing by Krishna
Chandra Eluri)
((boldizsar.gyori@thomsonreuters.com))
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