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Forint recoups some losses, markets eye U.S. jobs data

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BUDAPEST — The Hungarian forint and the

Polish zloty gained on Friday as the U.S. dollar weakened and

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investors awaited key jobs data from the world’s biggest economy

due later in the day.

U.S. Federal Reserve Chairman Jerome Powell said on

Wednesday that it was time to slow rate hikes. The dollar was

trading near 16-week lows against a basket of major currencies

on Friday ahead of the data release.

“The dollar has weakened, which could be helping currencies

in the region,” an FX trader in Budapest said.

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“However, it is already December and trade volumes are so

low that it can cause wild movements in currency rates without

underlying reasons.”

The forint was up 0.6% on the day and trading at

410.00 per euro while the Polish zloty firmed 0.26% to

4.6805 versus the common currency.

“The dollar is generally weakening against major currencies

after the Fed’s chief talked about slowing the pace of rate

hikes. However, currency markets could be moved by key jobs

data,” Takarekbank analysts in Hungary wrote.

The forint’s strengthening was also due to a correction

after a plunge in the previous session, another trader said.

The currency fell after the European Council on Wednesday

approved Hungary’s recovery plan but moved to freeze funds until

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Budapest fulfills all agreed conditions.

Hungary’s widening current account deficit also weighs on

the currency, analysts have said.

The forint has been pressured this week by rising gas prices

as well, traders and analysts said.

Elsewhere, the Czech crown was flat as final gross

domestic product data showed that the economy fell by 0.2% on a

quarterly basis in the third quarter, the first such decline

since early 2021.

Most stock markets in the region eased, with Warsaw’s

blue-chip index weakening 1.07%. Prague lost

0.84% while Budapest’s equities were 0.89% lower.

Bucharest bucked the trend and added 1.31%.

CEE SNAPSH AT

MARKET OT 1141

S CET

CURREN

CIES

Latest Previo Daily Change

us

bid close change in

2022

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EURCZK Czech 0 0 % %

EURHUF Hungary 00 00 %

EURPLN Polish %

EURRON Romania % %

EURHRK Croatia %

EURRSD Serbian 00 00 % %

Note: calcul 1800

daily ated CET

change from

Latest Previo Daily Change

us

close change in

2022

.PX Prague 1204.1 1214.3 -0.84%

5 200

.BUX Budapes 45954. 46368. -0.89% -9.40%

t 66 37

.WIG20 Warsaw <.wig2> 2 8 %

.BETI Buchare <.beti st> 37 66 %

.SBITO Ljublja <.sbit p na op> 2 5 %

.CRBEX Zagreb <.crbe x> 5 0 %

.BELEX Belgrad <.bele e x15>

.SOFIX Sofia <.sofi x> %

Yield Yield Spread Daily

(bid) change vs change

Bund in

Czech spread

Republi

c

CZ2YT= ps

CZ5YT= ps s

CZ10YT ps s

Poland

PL2YT= 0 ps

PL5YT= 0 ps

PL10YT 0 ps

FORWAR

D

3×6 6×9 9×12 3M

interb

ank

Czech

Hungary

Poland

Note: are

FRA for

quotes ask

prices

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

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

(Additional reporting by Pawel Florkiewicz in Warsaw; Editing

by Devika Syamnath)

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