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CEE MARKETS-Weak GDP data weighs on forint, US election in focus
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CEE MARKETS-Weak GDP data weighs on forint, US election in focus
Nov 3, 2024 3:29 PM

By Anna Wlodarczak-Semczuk

WARSAW, Oct 31 (Reuters) - The Hungarian forint was down

on Thursday, hit by weak GDP data published the day before,

while other central European currencies were stable ahead of the

Nov. 5 U.S. presidential election.

Hungary's forint was 0.4% weaker on the day at

409.1500 per euro at 0931 GMT.

"The forint weakened further after the weak GDP data, with

its falls accelerating yesterday and the forint significantly

decoupling from other currencies in the region," brokerage

Equilor said in a note.

"The next stronger resistance comes around 414 while the

level of 405 constitutes a support for the currency."

The dollar held steady on Thursday ahead of the U.S.

Personal Consumption Expenditures (PCE) Price Index for

September to be published later in the day and the closely

watched non-farm payrolls report on Friday.

However, it is headed for its biggest monthly gain since

April 2022 in October thanks to solid data which reduced

expectations for a 50-basis point interest rate cut from the

Fed.

A stronger dollar usually weights on central European

currencies.

The Nov. 5 U.S. election has entered its final stretch, with

opinion polls too close to call a winner. Investors have been

putting on trades betting Republican candidate Donald Trump

could be president again, although he is still neck and neck

with Vice President Kamala Harris in several polls.

The zloty was unchanged at 4.3535 per euro, with

Bank Millennium analysts saying they don't expect much

volatility on Thursday ahead of a national holiday on Friday.

Polish CPI stood at 5.0% in October, flash data showed, in

line with expectations.

Bank Millennium said the publication of debt supply for

November later in the day could influence bond yields, with

10-year papers remaining at around 6.0% after the government

announced amendments to this year's budget, raising the deficit

to 240.3 billion zlotys ($59.95 billion) from the previously

planned 184 billion.

The Czech crown was 0.1% weaker at 25.4000 per euro.

CEE SNAPSHO AT

MARKETS T 1031 CET

CURRENC

IES

Latest Previous Daily Change

trade close change in 2024

EURCZK= Czech EURHUF= Hungar 0

forint

EURPLN= Polish EURRON= Romani EURRSD= Serbia 0

dinar

Note: calculat 1800

daily ed from CET

change

Latest Previous Daily Change

close change in 2024

.PX Prague 1648.55 1640.360 +0.50% +16.59%

0

.BUX Budape 74065.5 73883.03 +0.25% +22.18%

st 9

.WIG20 Warsaw 2206.65 2230.54 -1.07% -5.82%

.BETI Buchar 17420.4 17461.50 -0.24% +13.33%

est 0

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

FORWARD RATE

AGREEMENTS

3x6 6x9 9x12 3M

interbank

Czech 3.84 3.58 3.42 4.08

Rep Hungar 6.57 6.52 6.42 6.45

y

Poland 5.74 5.35 5.03 5.85

Note: are for ask

FRA prices

quotes

********************************************

******************

($1 = 4.0085 zlotys)

(Additional reporting by Krisztina Than in Budapest; Editing by

Shounak Dasgupta)

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