CEE MARKETS-FX stable as markets eye gas prices, MOL shares drop
01/08/2022 10:04
By Anita Komuves
BUDAPEST, Aug 1 (Reuters) - Central European currencies were
little moved on Monday, with the Hungarian forint keeping stable
as investors weighed the implications of an announcement from
the government on Saturday that narrowed the scope of
eligibility for price-capped fuel.
The Hungarian forint EURHUF= edged up 0.05% to trade at
404.00 per euro.
"This could be negative for the forint as it will raise
inflation," an FX trader in Budapest said.
"However, the market has not reacted to this piece of news
yet, I cannot yet see a clear direction for the forint or the
CEE region today."
The trader added that gas prices could be a main driver for
moves in the forint's rate this week.
Soaring gas prices have recently pressured the forint as it
worsens trade balance in the country that is highly dependent on
energy imports, traders and analysts have said.
Data released on Monday showed a 95 million euro trade
deficit for Hungary in May, widening the gap to 1,687 million
euros in the first five months.
Shares of Hungarian oil and gas group MOL fell 0.89% by 0838
GMT on Monday, underperforming the wider market after the
government said on Saturday that it will increase a windfall tax
on MOL's profits to 40% from 25% as of Aug. 1. urn:newsml:reuters.com:*:nS8N2YF0E7
The government also announced on Saturday that companies
will be allowed to pay their taxes in euros and dollars as
imports costs surge, which could boost Hungary's FX reserves at
a time its hard currency needs have soared. urn:newsml:reuters.com:*:nL1N2ZB031
Elsewhere, the Czech crown EURCZK= edged down 0.11% to
24.635 per euro while the Polish zloty EURPLN= was flat.
Global recession fears and uncertainty regarding the supply
of Russian gas to Europe could help the dollar keep its strength
versus the euro this week, Bank Millennium wrote in a note.
"Thus, the zloty should remain relatively weak, oscillating
in the range of 4.71 - 4.80."
PMI data published on Monday showed a downturn in
manufacturing in the Czech Republic and Poland, while the
souring sentiment failed to show in Hungary. urn:newsml:reuters.com:*:nL1N2ZD0G7
Stocks in the region were mixed with Prague's .PX equities
weakening 0.79%. Warsaw's stocks .WIG20 edged up 0.05%, while
Budapest's blue chip index .BUX added 0.43%. Bucharest .BETI
firmed 0.73%.
CEE SNAPSH AT
MARKETS OT 1028
CET
CURREN
CIES
Latest Previo Daily Change
us
bid close change in
2022
EURCZK Czech 0 0 %
EURHUF Hungary 00 00 %
EURPLN Polish %
EURRON Romania % %
EURHRK Croatia %
EURRSD Serbian 00 00 % %
Note: calculated from 1800
daily CET
change
Latest Previo Daily Change
us
close change in
2022
.PX Prague .PX 1223.8 1233.5 -0.79%
5 600
.BUX Budapes .BUX 41983. 41805. +0.43 -17.23
t 85 28 % %
.WIG20 Warsaw <.WIG20 1722.0 1721.1 +0.05 -24.04
> 3 1 % %
.BETI Buchare .BETI 12551. 12460. +0.73 -3.91%
st 00 07 %
.SBITO Ljublja <.SBITO 1145.5 1140.8 +0.41 -8.76%
P na P> 1 6 %
.CRBEX Zagreb <.CRBEX 1967.3 1968.9 -0.08% -5.38%
> 8 6
.BELEX Belgrad <.BELEX 839.94 835.74 +0.50 +2.33
15 e 15> % %
.SOFIX Sofia <.SOFIX 599.93 599.72 +0.04 -5.62%
> %
Yield Yield Spread Daily
(bid) change vs change
Bund in
Czech spread
Republi
c
CZ2YT= 0 ps
CZ5YT= ps
CZ10YT 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
****************************************
**********************
(Additional reporting by Anna Wlodarczak-Semczuk in Warsaw;
Editing by Shailesh Kuber)
((komuves.anita@thomsonreuters.com)(+36 70 795 8815))
((For related news and prices, click on the codes in brackets:
All emerging market news EMRG CEEU CEE/
Spot FX rates
Eastern Europe spot FX EEFX= Middle East spot FX MEFX=
Asia spot FX ASIAFX= Latin America spot FX LATAMFX=
Other news and reports
World central bank news CEN Economic Data Guide ECONGUIDE
Official rates GLOBAL/INT Emerging Diary EMRG/DIARY
Top events M/DIARY Diaries DIARY Diaries Index IND/DIARY ))
Recent news on Rainforest Resources
See all newsEmerging Markets: Stocks fall on China deflation fears, Turkish equities rally after presidential candidate withdraws
Emerging Markets: Stocks fall for third day on China deflation fears, FX subdued
Emerging Markets: FX set for weekly gains as dollar slides on U.S. bank woes
CEE MARKETS-Zloty holds near 10-month high, forint firms
Analysis: Dollar's gyrations raise hedging costs for U.S. companies