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CEE MARKETS-Currencies stable, stocks mixed ahead of Polish cenbank decision

Anita Komuves
·3 min read

By Anita Komuves BUDAPEST, Oct 7 (Reuters) - Central European currencies held stable on Wednesday, having briefly weakened after U.S. President Donald Trump's announcement on Tuesday that negotiations about a new fiscal stimulus would stop until after the Nov. 3 election. The announcement led to larger moves on the FX market Tuesday evening, Equilor wrote in a note. Some emerging currencies, including the Hungarian forint, weakened as the announcement led to a risk-off mood and a strengthening of the dollar, they added. The sour mood was replaced on Wednesday by optimism a stimulus package would be introduced after the election. The forint was up 0.1% on Wednesday, trading at 359.450 versus the common currency. Investors were also eyeing the Polish central bank's rate decision later today. All 16 analysts polled by Reuters expect the key interest rate to remain on hold at a record low of 0.1%. Poland's central bank has cut the cost of borrowing three times by a cumulative 140 basis points since March. "Governor Adam Glapinski views the job of NBP as mainly to 'support' the economy at this time," Commerzbank wrote in a note. "Such a stance weighs down on the zloty exchange rate." The currency edged down 0.04% at 4.4828 per euro. Elsewhere, the Czech crown was up 0.07% at 26.980 per euro, testing the psychological level of 27 after firming towards it in recent days. The pandemic is still a concern in the Czech Republic where cases are now rising at the fastest rate in Europe when adjusted for population. Stocks were mixed, with Bucharest's equities firming 0.21% while Warsaw's blue chip index weakened 0.81%. Budapest's stock market was down 0.6%. Prague slid 0.08% while shares in Central European Media Enterprises rose over 4% after the European Commission approved Czech investment group PPF's bid to buy the broadcaster. CEE SNAPSHO AT MARKETS T 1101 CET CURRENC IES Latest Previous Daily Change bid close change in 2020 EURCZK= Czech <EURCZK= 26.9800 27.0000 +0.07% -5.74% crown > EURHUF= Hungary <EURHUF= 359.450 359.8100 +0.10% -7.87% forint > 0 EURPLN= Polish <EURPLN= 4.4828 4.4810 -0.04% -5.05% zloty > EURRON= Romania <EURRON= 4.8745 4.8756 +0.02% -1.77% n leu > EURHRK= Croatia <EURHRK= 7.5680 7.5683 +0.00% -1.62% n kuna > EURRSD= Serbian <EURRSD= 117.530 117.5400 +0.01% +0.03% dinar > 0 Note: calculated from 1800 daily CET change Latest Previous Daily Change close change in 2020 .PX Prague 873.64 874.3300 -0.08% -21.69% .BUX Budapes 33629.9 33651.55 -0.06% -27.02% t 3 .WIG20 Warsaw 1721.39 1735.45 -0.81% -19.94% .BETI Buchare 8903.98 8885.36 +0.21% -10.76% st .SBITOP Ljublja <.SBITOP 840.58 843.77 -0.38% -9.21% na > .CRBEX Zagreb 1616.61 1618.24 -0.10% -19.87% .BELEX1 Belgrad <.BELEX1 695.94 695.52 +0.06% -13.19% 5 e 5> .SOFIX Sofia 421.52 422.19 -0.16% -25.81% Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republi c CZ2YT=R <CZ2YT=R 0.1110 0.0040 +081bp +1bps R 2-year R> s CZ5YT=R <CZ5YT=R 0.5350 -0.0400 +124bp -4bps R 5-year R> s CZ10YT= <CZ10YT= 0.9230 -0.0250 +143bp -2bps RR 10-year RR> s Poland PL2YT=R <PL2YT=R 0.0420 -0.0090 +074bp -1bps R 2-year R> s PL5YT=R <PL5YT=R 0.6010 0.0050 +131bp +1bps R 5-year R> s PL10YT= <PL10YT= 1.3650 0.0080 +187bp +1bps RR 10-year RR> s FORWARD 3x6 6x9 9x12 3M interba nk Czech 0.31 0.31 0.36 0.35 Rep <PRIBOR= > Hungary 1.01 1.07 1.12 0.77 Poland 0.21 0.21 0.22 0.22 Note: are for ask FRA prices quotes ********************************************* ***************** (Additional reporting by Jason Hovet in Prague and Alan Charlish in Warsaw; Editing by Krishna Chandra Eluri)