CEE MARKETS-Forint slips after disappointing third-quarter GDP data-May 2024-www.financetom.com

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CEE MARKETS-Forint slips after disappointing third-quarter GDP data

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CEE MARKETS-Forint slips after disappointing third-quarter GDP data

Nov 3, 2024 2:43 PM

By Krisztina Than

BUDAPEST, Oct 30 (Reuters) - The forint slid early on

Wednesday after much weaker-than-expected GDP data showed the

Hungarian economy dipped into recession in the third quarter.

Hungary's economy is still recovering from an inflation

crisis which drove price growth to more than 25% in the first

quarter of 2023, eating into Hungarians' spending power. Close

trade links with Germany are also hitting the economies of

Hungary, Czech Republic and Slovakia, where German carmakers

have big car plants.

Hungary's forint, which has been the region's

laggard with a 5.7% fall so far this year, weakened 0.14% to hit

a 22-month low of 405.80 per euro in early trade.

"The forint weakened further. It could not reverse its

losses in yesterday's trading and the exchange rate weakened

past 405..if this level is broken substantially, the next

potential resistance could be around 408.50," brokerage Equilor

said in a note before the data.

Other currencies in the region were mostly steady with

investors on the sidelines as uncertainty about the U.S.

presidential election and a firmer dollar remained in focus.

The dollar has been supported by expectations that Donald

Trump could win a second term as U.S. president, as his tax and

tariff policies are seen as inflationary, and more likely to

keep U.S. rates high.

The zloty was flat at 4.338 per euro. The Czech

crown traded a shade weaker at 25.359 in early trade.

CEE SNAPSHOT AT

MARKETS 0843

CET

CURRENCIES

Latest Previo Daily Change

trade close change in 2024

Czech 0

Hungary 00

Polish Romania Serbian 00

Note: calcula 1800 CET

daily ted

change from

Latest Previo Daily Change

close change in 2024

Prague 1643.34 1643.3 +0.00% +16.22

400 %

Budapes 74225.68 74225. +0.00% +22.44

t 68 %

Warsaw 6

Buchare 17504.24 17504. +0.00% +13.88

st 24 %

Spread Daily

vs Bund change

Czech spread

Republi

Poland

FORWARD RATE

AGREEMENTS

3x6 6x9 9x12 3M

interba

Czech Hungary Poland Note: are for

FRA ask

quotes prices

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

******

(Editing by Christina Fincher)

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