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Forint softens, other currencies stable with focus on Fed minutes

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WARSAW — The Hungarian forint eased on

Tuesday, while other Central European currencies held steady as

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investors await cues on the U.S. Federal Reserve’s monetary

policy path in 2023 and Poland’s central bank rate decision on

Wednesday.

The forint was down 0.27% at 403.60 per euro at

0858 GMT.

“The dollar has strengthened, so that could be the reason

for the forint’s weakening today … but the forint’s move is

not substantial,” a forex dealer in Budapest said.

The stock markets are in positive territory and gas prices

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have dropped, so that should support the forint, while investors

would be watching Fed minutes on Wednesday for clues about the

U.S. rate outlook, according to the forex dealer.

The zloty held stable at 4.6825 per euro with

markets also waiting for the decision of the Polish Monetary

Policy Council on interest rates on Wednesday.

Analysts expect the central bank to keep rates stable, with

the main one remaining at 6.75%.

“The beginning of today’s trading session brought attempts

to break the barrier of 4.66 zlotys (per euro)… and an

increasing desire to return to the 4.63 area. For the time

being, however, the zloty is closer to 4.67,” Bank Millennium

analysts said.

Inflation data from Germany published at 1300 GMT could

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influence market sentiment in the later part of the day,

according to the Bank Millennium analysts.

The Czech crown held at stronger levels to start

2023, testing its highs from 2011, with crown strength helping

the Czech central bank keep rates stable. It was traded at

24.1350 per euro on Tuesday.

“The test will be if inflation does not weaken over the

course of the year as expected by the Czech National Bank so

that the willingness of the board, which will be even more

dovish by this point, to implement further rate hikes will be

put to the test,” Commerzbank said.

Stock markets in the region were up, with Warsaw

and Prague leading gains with a 0.7% rise.

CEE SNAPSHO AT

MARKETS T 0958

CET

CURRENC

IES

Latest Previou Daily Change

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s

bid close change in 2023

EURCZK Czech

EURHUF Hungary 0 0

EURPLN Polish

EURRON Romanian

EURHRK Croatian

EURRSD Serbian 0 0

Note: calcula 1800

daily ted CET

change from

Latest Previou Daily Change

s

close change in 2023

.PX Prague 1216.16 1207.70 +0.70% +1.20%

00

.BUX Budapest 43598.1 43551.7 +0.11% -0.45%

1 3

.WIG20 Warsaw <.wig20>

.BETI Buchares 11709.0 11663.5 +0.39% +0.39%

t 1 3

.SBITO Ljubljan <.sbito p a>

.CRBEX Zagreb <.crbex> 2%

.BELEX Belgrade <.belex>

.SOFIX Sofia <.sofix>

Yield Yield Spread Daily

(bid) change vs Bund change

in

Czech spread

Republic

CZ2YT= 2-year s

CZ5YT= 5-year s

CZ10YT s

Poland

PL2YT= 2-year s

PL5YT= 5-year s

PL10YT s

FORWARD

3×6 6×9 9×12 3M

interba

nk

Czech

Hungary

Poland

Note: are for

FRA ask

quotes prices

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

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

(Reporting by Anna Wlodarczak-Semczuk and Pawel Florkiewicz in

Warsaw; Krisztina Than in Budapest and Jason Hovet in Prague;

Editing by Shounak Dasgupta)

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