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CEE MARKETS-Forint holds steady as markets await central bank meeting
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CEE MARKETS-Forint holds steady as markets await central bank meeting
Apr 15, 2024 3:02 AM

By Anita Komuves

BUDAPEST, April 15 (Reuters) - Central European

currencies were little moved on Monday, with the Hungarian

forint holding steady after its losses from last week when a

stronger dollar put pressure on emerging assets.

The forint edged up 0.05% to trade at 392.65

versus the euro after falling more than 0.7% in the previous

session.

"After the dollar sent the forint lower last week, I expect

the currency to spend this week in a wait-and-see mode as

investors are already looking ahead to the central bank rate

meeting," an FX trader in Budapest said.

The National Bank of Hungary holds it next rate-setting

meeting on April 23. In March, the bank cut its base rate by 75

basis points to 8.25% and said that it would slow the pace of

rate cuts from the second quarter.

The Czech crown edged down 0.04% versus the euro

to 25.329.

The currency has been unmoved by data releases in recent

weeks, including inflation data that showed the trend of price

growth hovering around the central bank's target and keeping a

steady pace of rate cuts in play.

"We are rather expecting continuing defensiveness for the

crown, under the pressure of U.S. dollar gains," bank CSOB said.

Analysts expect a calm week for the Polish zloty as well.

The currency added 0.14% to trade at 4.279 versus the

common currency.

"Firstly, the calendar of macroeconomic data does not

contain - in our opinion - important publications. Secondly, the

escalation of tension between Iran and Israel has turned out to

be short-lived for now," Bank Millennium wrote.

"Thirdly, technical indications suggest that the potential

for a continuation of last week's trends is running out."

Stocks in the region were mixed, with Prague's main index

easing 0.26% while Budapest was 0.31% higher.

Warsaw's stocks were 0.49% stronger.

CEE SNAPSHOT AT

MARKETS 1014 CET

CURRENCI

ES

Latest Previous Daily Change

trade close change in

2024

Czech Hungary %

Polish % %

Romania %

Serbian % %

Note: calculated from 1800

daily CET

change

Latest Previous Daily Change

close change in

2024

Prague 1554.83 1558.960 -0.26% +9.96

0 %

Budapes 67499.20 67289.07 +0.31 +11.3

t % 5%

Warsaw % %

Buchare 16735.39 16882.42 -0.87% +8.88

st %

Spread Daily

vs change

Bund in

Czech spread

Republi

c

ps

ps

ps

Poland

ps

ps

ps

FORWARD

3x6 6x9 9x12 3M

interb

ank

Czech Hungary Poland Note: are for ask

FRA prices

quotes

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

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

(Additional reporting by Pawel Florkiewicz in Warsaw and Jason

Hovet in Prague)

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