CEE MARKETS-Currencies slightly firmer, Czech and Polish debt auctions in focus

OTP Bank Nyrt.

15/07/2026 09:43

By Krisztina Than

    BUDAPEST, July 15 (Reuters) - Most Central European currencies opened on a stronger footing on Wednesday, after gains the previous day on U.S. inflation data that curbed Federal Reserve rate hike expectations and weakened the dollar.
A weaker U.S. dollar usually helps CEE currencies as investors take on more risk and seek higher yields in emerging markets.
"CEE FX saw a clash between higher oil prices and risk-off sentiment due to the escalation of the US-Iran conflict on the one hand and relief coming from lower US inflation on the other hand," ING said in a note. 
"The easing of Fed hike expectations, which may be just temporary, brings relief for CEE in our view for the coming days. We therefore maintain our bullish view of the koruna (Czech crown) and forint and expect the next few days to bring more gains here."
The Czech crown EURCZK= was up 0.02% at 24.232 per euro, while the Hungarian forint EURHUF=, the region's strongest performer so far this year with a 7% rise, gained 0.04% to 359.25 per euro.
Brokerage Equilor said in a note that, after strong volatility on Tuesday, the forint was just on the weak side of a resistance level at 358.50 "which was still worth watching."
The Czech finance ministry will offer three bonds at a planned auction on Wednesday, following a retail government bond offer that ended last month and drew massive demand, with orders around 80 billion crowns ($3.76 billion).       
"We expect another solid to strong auction as the retail bonds provide some relief for the Ministry of Finance," Komercni Banka trader Marek Lesko said in a note.  
ING analysts said the Czech crown could be boosted by "the hawkish Czech National Bank story locally and we could see levels below 24.200 again soon". 
Poland, the region's largest economy, will also offer bonds at an auction on Wednesday with a total supply of 7 billion to 13 billion zlotys, Bank Millennium said.
The zloty EURPLN= shed 0.9% to 4.327 per euro in early trading, with traders citing external factors, mainly the Iran war. Wednesday's final CPI inflation data for June contained no revision and had no impact on the currency, bank PKO BP said. 
"The domestic currency will remain under the dominant influence of external factors. If oil price growth were to slow down or decline due to new signals indicating a de-escalation of tensions in the Middle East, we believe there would be more room for a corrective strengthening of the zloty," they said.
Stock markets in the region traded lower, with Warsaw .WIG20 and Prague .PX falling 0.4% and 0.9%, respectively, while the main index in Budapest .BUX was down 0.5%.
     
     
CEE MARKETS SNAPSHOT AT 0931 CET                                                                                                   
CURRENCIES                                 
Latest trade
Previous close
Daily change
Change in 2026
Czech crown
EURCZK=
24.2320
24.2400
 +0.03%
-0.27%
Hungary forint
EURHUF=
359.2500
359.4000
 +0.04%
 +6.99%
Polish zloty
EURPLN=
4.3270
4.3235
-0.08%
-2.57%
Romanian leu
EURRON=
5.2420
5.2440
 +0.04%
-2.82%
Serbian dinar
EURRSD=
117.2800
117.3600
 +0.07%
 +0.02%
Note: daily change calculated from 1800 CET                                                                                                 
                                                                                                                                                                                                                                     
STOCKS                                           
Latest
Previous close
Daily change
Change in 2026
Prague
.PX
2594.13
2616.9600
-0.87%
-3.41%
Budapest
.BUX
142659.13
143348.41
-0.48%
 +28.48%
Warsaw
.WIG20
3803.74
3818.89
-0.40%
 +19.46%
Bucharest
.BETI
34099.44
33757.82
 +1.01%
 +39.53%
                                                                                                                                                                                                                                      
BONDS                                                                                             
Yield (bid)
Yield change
Spread vs Bund
Daily change in spread
Czech Rep 2-year
CZ2YT=RR
3.9784
0.0415
 +121bps
 +0bps
Czech Rep 5-year
CZ5YT=RR
4.2323
0.0164
 +137bps
-3bps
Czech Rep 10-year
CZ10YT=RR
4.8206
0.0425
 +171bps
 +0bps
 
 
 
 
 
 
Poland 2-year
PL2YT=RR
4.1380
-0.1180
 +137bps
-16bps
Poland 5-year
PL5YT=RR
4.9030
-0.0150
 +204bps
-6bps
Poland 10-year
PL10YT=RR
5.5010
0.0460
 +239bps
 +0bps
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
FORWARD RATE AGREEMENTS
3x6
6x9
9x12
3M interbank
Czech Rep
CZKFRA, PRIBOR=
4.04
4.21
4.28
3.81
Poland
PLNFRA, WIBOR=
3.78
3.79
3.80
3.83
Note: FRA quotes are for ask prices
 
 
 
     
     
     
     

(Reporting by Krisztina Than, Anna Wlodarczak-Semczuk in Warsaw and Jason Hovet in Prague; Editing by Andrei Khalip)
((krisztina.than@thomsonreuters.com;))