PRAGUE, Nov 1 (Reuters) - The Czech crown held off a nearly three-month low on Friday, little moved by data showing a slowing manufacturing decline as focus turned toward a central bank rate meeting next week, while central Europe's other currencies hovered as local markets were closed for holidays.
Hungary's forint was just off 22-month lows hit this week and Poland's zloty was hanging around a 4-1/2 month low. Both were a touch down on the day amid holiday trading.
A Reuters poll on Friday forecast central European currencies rising to stronger levels in the coming months after recent weakness caused by global market moves before U.S. elections. But the relief will be limited, forecasts showed.
"There still seems to be no room for stabilisation here in the near term and we expect CEE to remain under pressure at least until the U.S. election," ING said in a note on Friday.
The dollar has firmed on bets that Republican candidate Donald Trump could win next week's U.S. election. That dollar strength has weighed on appetite for riskier emerging market assets.
On Friday, the crown dipped less than 0.1% on the day to 25.335 to the euro. The Reuters poll saw the crown firming to 25.10 over the next three months and leading gains over the next year.
The crown got some support on Friday after data from S&P Global Purchasing Managers' Index $(PMI.UK)$ indicated manufacturing activity last month declined at its slowest pace since June 2022. But some analysts said it was still too early to cheer amid declining factory orders and as manufacturing remains the main drag on an overall economic recovery.
Markets were also watching a Czech central bank policy meeting next week amid chances policymakers will continue to cut interest rates.
Czech rate-setter Jan Prochazka told Reuters last week that the bank could continue easing monetary policy amid weaker growth abroad and a slow domestic demand recovery, but must be mindful of inflation hotspots.
CEE SNAPSHOT AT
MARKETS 1011
CET
CURRENCIES
Latest Previo Daily Change
us
trade close change in 2024
Czech <EURCZK 25.3350 25.322 -0.05% -2.50%
crown => 0
Hungary <EURHUF 408.5000 408.20 -0.07% -6.20%
forint => 00
Polish <EURPLN 4.3570 4.3535 -0.08% -0.29%
zloty =>
Romania <EURRON 4.9748 4.9740 -0.02% -0.01%
n leu =>
Serbian <EURRSD 116.9600 117.05 +0.08% +0.24%
dinar => 00
Note: calcula 1800 CET
daily ted
change from
Latest Previo Daily Change
us
close change in 2024
Prague 1652.74 1639.2 +0.82% +16.88
600 %
Budapes 73865.96 73865. +0.00% +21.85
t 96 %
Warsaw <.WIG20 2205.47 2205.4 +0.00% -5.87%
> 7
Buchare 17487.68 17439. +0.28% +13.77
st 09 %
Spread Daily
vs Bund change
in
Czech spread
Republi
c
<CZ2YT= 3.4020 -0.020 +110bps -1bps
2-year RR> 0
<CZ5YT= 3.7600 -0.001 +148bps -2bps
5-year RR> 0
<CZ10YT 4.0630 0.0020 +165bps -3bps
10-year =RR>
Poland
<PL2YT= 5.1750 NULL +287bps #VALUE!
2-year RR>
<PL5YT= 5.5850 0.0020 +330bps -1bps
5-year RR>
<PL10YT 5.9060 -0.025 +349bps -5bps
10-year =RR> 0
FORWARD RATE
AGREEMENTS
3x6 6x9 9x12 3M
interba
nk
Czech <CZKFRA 3.87 3.61 3.45 4.06
Rep ><PRIBO
R=>
Hungary <HUFFRA 6.59 6.52 6.41 6.47
><BUBOR
=>
Poland <PLNFRA 5.75 5.38 5.07 5.85
><WIBOR
=>
Note: are for
FRA ask
quotes prices
****************************
****************************
******
(Reporting by Jason Hovet in Prague, Editing by Angus MacSwan)
((jason.hovet@thomsonreuters.com))
((For related news and prices, click on the codes in brackets: All emerging market news Spot FX rates Eastern Europe spot FX Middle East spot FX Asia spot FX Latin America spot FX Other news and reports World central bank news Economic Data Guide Official rates Emerging Diary Top events Diaries Diaries Index ))
Comments