CEE MARKETS-Forint extends losses, firmer dollar hurts regional FX

OTP Bank Nyrt.

30/05/2024 09:23

By Boldizsar  Gyori
       BUDAPEST, May 30 (Reuters) - Hungary's forint slipped
further on Thursday after scaling a four-month high earlier this
week, pressured by gains in the dollar amid a general weakening
in risk appetite that hurt central European currencies.
    The forint, central Europe's worst-performing currency this
year, fell to a three-week low in early trade before rebounding
to 388.5 per euro by 0734 GMT.
    The currency lost more than 1% in the past two days as the
dollar strengthened and investors turned cautious ahead of a
credit rating review by Moody's due on Friday. 
    "Although we don't expect a change, some investors are
curbing their exposure and prepare should Moody's say something
negative on Hungary," a local trader said.
    "The dollar's comeback after its recent losses hurt emerging
markets. I expect the forint to return trading closer to 385 at
the beginning of next week," the trader added.
    Shares in OTP Bank  OTPB.BU  were little changed in morning
trade after the Hungarian central bank told central Europe's
largest independent lender to curb its Russian exposure further
and take several precautionary measures.
    The Czech crown  EURCZK=  traded at 24.76, below the
psychological level of 25.
    "We still haven't heard much from the Czech National Bank
after the surprise rise in inflation in April, and so the
markets are probably waiting for more guidance," economists at
ING said. 
    
                  CEE        SNAPSHO   AT                       
                  MARKETS    T        0934 CET           
                             CURRENC                            
                             IES                         
                             Latest   Previous  Daily    Change
                             bid      close     change   in 2024
 EURCZK=  Czech    EURCZK=   24.7580   24.7400   -0.07%   -0.23%
          crown                                          
 EURHUF=  Hungar   EURHUF=   388.500  388.0500   -0.12%   -1.37%
          y                        0                     
          forint                                         
 EURPLN=  Polish   EURPLN=    4.2820    4.2765   -0.13%   +1.46%
          zloty                                          
 EURRON=  Romani   EURRON=    4.9770    4.9775   +0.01%   -0.05%
          an leu                                         
                                                                
          Note:   calculate                     1800            
          daily   d from                        CET      
          change                                         
                                                                
                             Latest   Previous  Daily    Change
                                      close     change   in 2024
 .PX      Prague   .PX       1538.41  1539.550   -0.07%   +8.80%
                                             0           
 .BUX     Budape   .BUX      68461.0  68485.50   -0.04%   +12.93
          st                       8                           %
 .WIG20   Warsaw   .WIG20    2463.98   2463.98   +0.00%   +5.16%
 .BETI    Buchar   .BETI     17613.9  17764.07   -0.84%   +14.59
          est                      7                           %
                                                                
                                                Spread   Daily
                                                vs Bund  change
                                                         in
          Czech                                          spread
          Republ                                         
          ic                                             
 CZ2YT=R                                             s  
 CZ5YT=R                                             s  
 CZ10YT=                                            s  
          r                                              
          Poland                                                
 PL2YT=R                                             s  
 PL5YT=R                                             s  
 PL10YT=                                            s  
          r                                              
          Note:   are for                                       
          FRA     ask                                    
          quotes  prices                                 
          ************************************                  
          **************************                     
 
 (Reporting by Boldizsar Gyori in Budapest; Editing by Sriraj
Kalluvila)
 ((boldizsar.gyori@thomsonreuters.com;))
 
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