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CEE MARKETS-Forint leads currency gains, central bank holds fire
on CEE MARKETS-Forint leads currency gains, central bank holds fire Monetary Unit Of Hungary
* CEE currencies firm as Trump comments push back dollar
* Hungary’s central bank leaves interest rates unchanged
(Recasts with Hungarian central bank decisions, analyst comments) BUDAPEST, Aug 21 (Reuters) – A weaker dollar helped Central European currencies including the forint strengthen on Tuesday even as the Hungarian central bank (NBH) kept its record low interest rates on hold at its meeting. Flows into the safer greenback have often weakened the region’s main currencies against the euro since April. But the dollar eased on Tuesday against a basket of currencies and against the euro after U.S. President Donald Trump criticised the Federal Reserve’s interest rate tightening policy. The forint and the zloty firmed 0.2 percent against the euro by 1351 GMT, with the Hungarian unit trading at 323.45. The leu gained 0.1 percent , while the Czech crown shed 0.1 percent. Hungary’s central bank kept both its 0.9 percent base rate and -0.15 percent overnight deposit rate unchanged at its meeting, in line with the unanimous forecast of analysts in a Reuters poll. It made no change to its unconventional swap tools either, which have injected extra liquidity into interbank markets to keep monetary conditions loose. “We believe that domestic interbank interest rates will gradually get adjusted (rise) to the central bank base rate next year, and the first base rate increase can come in 2020,” Erste analyst Orsolya Nyeste said in a note. Some analysts expect the first rate hike to come next year.
” said Equilor analyst Noemi Holecz. Monetary Unit Of Hungary , and between 318-330 later, Equilor brokerage analysts said in a note. Hungarian government bonds firmed, with the yield on 10-year papers dropping 7 basis points from Friday as the market reopened after a national holiday on Monday. It fell to 3.41 percent, bucking a rise in corresponding yields in core markets and in the region. Its spread over its Polish peer, which traded at 3.12 percent dropped below 30 basis points. After a widening earlier this month, the spread can narrow to about 15 basis points, assuming no policy slippages and no bad inflation surprises in Hungary, Raiffeisen analysts said in a morning note. “The positive effect of the low supply of bonds at the (Polish) auctions (this year) seems to be counterbalanced by the continuing uncertainty about the situation in Turkey,” BZ WBK analysts said. Uncertainty over Turkey poses risks to regional equities, too, even though Trump’s call for less Fed rate tightening helps emerging markets now, analysts said. Warsaw’s bluechip index gained 2.2 percent, while Budapest’s index rose 1.4 percent, mainly driven by an almost 5 percent jump in the price of oil group MOL. “I would not read much into that as the Budapest bourse’s blue chips have been very volatile recently,” said Equilor analyst Noemi Holecz.
Latest Previous Daily Change bid close change in 2018 Czech
Monetary Unit Of Hungary
Budapest 36936.04 36436.96 +1.37% -6.20% Warsaw 2285.60 2236.08 +2.21% -7.14% Bucharest 8202.45 8234.80 -0.39% +5.79% Ljubljana <.SBITOP 873.97 871.84 +0.24% +8.38% > Zagreb 1830.64 1822.60 +0.44% -0.66% Belgrade <.BELEX1 731.47 731.62 -0.02% -3.73%
Yield Yield Spread Daily (bid) change vs Bund change
Hungary 0.51 0.74 0.95 0.19 Poland 1.76 1.79 1.81 1.71
(Additional reporting by Anna Koper in Warsaw; Editing by Alison Williams)
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Monetary Unit Of Hungary
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