ReutersReuters

FX mixed as EU finance ministers' meeting in focus

Central European currencies traded mixed on Tuesday morning as a meeting of European Union finance ministers which will discuss funding for Hungary was underway, while investors also eyed Poland's rate-setting meet.

"The forint could be affected the most by the meeting of the EU finance ministers where questions about EU funds will be discussed ... Any leaked information could have a significant effect," Takarekbank analysts wrote in a note.

At 0949 GMT the forint EURHUF was 0.21% weaker against the euro at 414.25. The Polish zloty EURPLN, however, was 0.20% firmer at 4.7005.

Governor Adam Glapinski will hold a press conference at 1400 GMT on Thursday.

"We are moving in a horizontal trend today with no issues in the calendar ... we are waiting for the MPC (monetary policy committee) meeting but more we are waiting for the NBP governor's speech," said Mateusz Sutowicz, a financial market analyst at Bank Millennium.

The central bank has kept rates steady at its last two sittings, but Glapinski has not as yet said that the tightening cycle is officially over.

Benchmark Polish 10-year bond yields (PL10YT=RR) were 4 basis points lower at 6.677, after rebounding by around 30 basis points on Monday.

"Until Wednesday's meeting of the MPC, a rise in yield curves can be expected," PKO BP analysts said in a note. "Yields on 2-year bonds may permanently exceed 7%, and on 10-year bonds they may increase towards 7.00%."

The Czech crown EURCZK and the Romanian leu EURRON were broadly stable at 24.332 and 4.914, respectively.

CEE MARKETS

SNAPSHOT

AT 1049 CET

CURRENCIES

Latest

Previous

Daily

Change

bid

close

change

in 2022

EURCZK=

Czech crown

EURCZK

24.3320

24.3320

+0.00%

+2.22%

EURHUF=

Hungary forint

EURHUF

414.2500

413.4000

-0.21%

-10.83%

EURPLN=

Polish zloty

EURPLN

4.7005

4.7100

+0.20%

-2.33%

EURRON=

Romanian leu

EURRON

4.9140

4.9157

+0.03%

+0.70%

EURHRK=

Croatian kuna

EURHRK

7.5530

7.5505

-0.03%

-0.47%

EURRSD=

Serbian dinar

EURRSD

117.2200

117.2700

+0.04%

+0.31%

Note: daily change

calculated from

1800 CET

Latest

Previous

Daily

Change

close

change

in 2022

.PX

Prague

(.PX)

1199.43

1202.7900

-0.28%

.BUX

Budapest

BUX

44452.46

44666.01

-0.48%

-12.36%

.WIG20

Warsaw

GPW

1733.64

1746.54

-0.74%

-23.52%

.BETI

Bucharest

BET

12215.55

12119.15

+0.80%

-6.48%

.SBITOP

Ljubljana

(.SBITOP)

1066.27

1067.57

-0.12%

-15.07%

.CRBEX

Zagreb

(.CRBEX)

1911.67

1911.56

+0.01%

-8.06%

.BELEX15

Belgrade

BELEX15

809.67

810.29

-0.08%

-1.35%

.SOFIX

Sofia

(.SOFIX)

605.39

602.61

+0.46%

-4.76%

Yield

Yield

Spread

Daily

(bid)

change

vs Bund

change in

Czech Republic

spread

CZ2YT=RR

2-year

(CZ2YT=RR)

5.5910

0.0140

+349bps

+3bps

CZ5YT=RR

5-year

(CZ5YT=RR)

4.9390

0.0090

+307bps

+3bps

CZ10YT=RR

10-year

(CZ10YT=RR)

4.7040

0.0230

+285bps

+4bps

Poland

PL2YT=RR

2-year

(PL2YT=RR)

6.9550

-0.0420

+485bps

-3bps

PL5YT=RR

5-year

(PL5YT=RR)

6.8880

-0.0300

+502bps

-1bps

PL10YT=RR

10-year

(PL10YT=RR)

6.6770

-0.0440

+482bps

-2bps

FORWARD

3x6

6x9

9x12

3M interbank

Czech Rep

(CZKFRA) (PRIBOR=)

7.05

6.61

6.06

7.26

Hungary

(HUFFRA) (BUBOR=)

14.40

13.02

12.11

15.59

Poland

(PLNFRA) (WIBOR=)

7.20

7.10

6.77

7.22

Note: FRA quotes

are for ask prices

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