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CEE MARKETS-Currencies, stocks recoup losses, Hungary cenbank decision in focus

Anita Komuves
·4 mins read

By Anita Komuves BUDAPEST, Sept 22 (Reuters) - Central European stocks and currencies recouped on Tuesday some of their steep losses from the previous session, but worries about the second wave of the coronavirus pandemic persisted as markets eyed a rate decision by the National Bank of Hungary. The Hungarian forint edged up 0.06% to 362.49 per euro ahead of the central bank meeting, but stayed near five-month lows hit on Monday. The NBH's rate decision will be announced at 1200 GMT and a statement is due at 1300 GMT. Deputy Governor Barnabas Virag will hold an online briefing from 1330 GMT. The bank is likely to leave interest rates unchanged at 0.6%, a Reuters poll of economists said. It will also publish new economic forecasts, including a likely sharp downgrade to its 2020 GDP outlook. "If inflation is emphasized and messages are hawkish, the forint could strengthen," Equilor said in a client note. "However, if economic stimulus will be underlined, the currency could weaken. "The authorities remain in an easing mode, but given the complex monetary policy issues, the central bank will likely coordinate with the government on targeted stimulus programmes rather than using policy rates," Bank of America wrote. The Czech crown, recently under pressure from a spike in coronavirus cases, firmed 0.13% and was trading at 27.128 after losing more than 1% of its value on Monday. "The Czech Republic is now among the hardest-hit places on the continent," Raiffeisen said in a note. "This gets currently reflected in the value of the exchange rate." The overall number of confirmed COVID-19 cases rose to 50,764 in the country of 10.7 million on Monday. Bucking the regional trend, the Polish zloty continued to weaken amid the global risk-off mood on Tuesday, sliding 0.15% and breaking through the psychologically important barrier of 4.50 against the euro. The Romanian leu was flat ahead of a vote in parliament on a pension hike, as markets are concerned that lawmakers will approve a bigger increase in pensions than the budget can sustain ahead of elections. Stock markets firmed, with Prague's equities up 0.85%. Warsaw's blue chip index firmed 0.84% while Budapest gained 0.65%. Bucharest's stocks were up 1.24%. CEE SNAPSHO AT MARKETS T 1054 CET CURRENC IES Latest Previous Daily Change bid close change in 2020 EURCZK= Czech <EURCZK= 27.1280 27.1630 +0.13 -6.25% crown > % EURHUF= Hungary <EURHUF= 362.490 362.7100 +0.06 -8.65% forint > 0 % EURPLN= Polish <EURPLN= 4.5045 4.4976 -0.15% -5.51% zloty > EURRON= Romanian <EURRON= 4.8590 4.8590 +0.00 -1.46% leu > % EURHRK= Croatian <EURHRK= 7.5420 7.5435 +0.02 -1.28% kuna > % EURRSD= Serbian <EURRSD= 117.500 117.6000 +0.09 +0.06% dinar > 0 % Note: calculated from 1800 daily CET change Latest Previous Daily Change close change in 2020 .PX Prague 869.23 861.8700 +0.85 -22.09% % .BUX Budapest 32431.9 32223.20 +0.65 -29.62% 8 % .WIG20 Warsaw 1696.38 1682.26 +0.84 -21.10% % .BETI Buchares 9002.09 8891.59 +1.24 -9.77% t % .SBITOP Ljubljan <.SBITOP 833.44 831.10 +0.28 -9.98% a > % .CRBEX Zagreb 1617.10 1613.96 +0.19 -19.84% % .BELEX1 Belgrade <.BELEX1 683.13 688.68 -0.81% -14.79% 5 5> .SOFIX Sofia 423.59 423.59 +0.00 -25.44% % Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic CZ2YT=R 2-year <CZ2YT=R 0.1010 -0.0920 +082b -9bps R R> ps CZ5YT=R 5-year <CZ5YT=R 0.5640 -0.0220 +129b -2bps R R> ps CZ10YT= <CZ10YT= 0.8810 -0.0340 +141b -4bps RR 10-year RR> ps Poland PL2YT=R 2-year <PL2YT=R 0.0510 -0.0190 +077b -2bps R R> ps PL5YT=R 5-year <PL5YT=R 0.6380 -0.0130 +136b -1bps R R> ps PL10YT= <PL10YT= 1.3200 0.0190 +185b +2bps RR 10-year RR> ps FORWARD 3x6 6x9 9x12 3M interba nk Czech 0.34 0.34 0.33 0.34 Rep <PRIBOR= > Hungary 0.79 0.86 0.93 0.63 Poland 0.17 0.17 0.17 0.22 Note: are for ask FRA prices quotes ********************************************* ***************** (Additional reporting by Luiza Ilie in Bucharest, Jason Hovet in Prague and Alan Charlish in Warsaw, editing by Ed Osmond)