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CEE MARKETS-Zloty, forint shed losses as U.S. inflation data supports sentiment

Anita Komuves
·3 min read

By Anita Komuves BUDAPEST, April 14 (Reuters) - The Hungarian forint and the Polish zloty on Wednesday regained some lost ground from the previous session, while other currencies held stable as the dollar eased while U.S. inflation data failed to stoke fears of immediate policy tightening. "The U.S. inflation numbers showed that there won't be a sudden jump in inflation, thus U.S. Treasury yields are stable, and that helps market sentiment," a Budapest-based trader said. Investors in the region were closely watching U.S. inflation data after rising Treasury yields put pressure on CEE bonds and currencies in February and March. The Hungarian forint edged up 0.07% to trade at 359.04 per euro after a half-percent plunge in the previous session that traders called a correction after steady gains in the past weeks. "The 200-day moving average is at 358.16 now, if the rate stays above that today, we expect a further rise in the next few days," brokerage Equilor wrote in a note. The Polish zloty was 0.18% stronger and trading at 4.5546, recouping some losses from the previous session. Central bank governor Adam Glapinski said on Wednesday that consolidation in the Polish banking sector will continue, driven also by risks related to their Swiss franc mortgage portfolios. The Czech National Bank's board will discuss how long the economy is likely to need its support and when it can begin normalising interest rates, Governor Jiri Rusnok said in an interview. Markets are betting the Czech central bank will be the first in central Europe to undo some of the massive loosening undertaken a year ago when the COVID-19 pandemic first struck. A pick-up in inflation data, published on Tuesday, backed chances of a rate hike, which helped the crown. The currency was little moved on Wednesday, trading on the stronger side of the psychological level of 26. The Czech Republic will offer three bonds at a regular auction on Wednesday. Most regional stock markets gained, tracking global stocks that firmed as U.S. inflation fears were calmed. Warsaw added 1.16% while Budapest was up 0.24%. Prague slid 0.24%. CEE SNAPSHO AT MARKETS T 1101 CET CURRENC IES Latest Previous Daily Change bid close change in 2021 EURCZK= Czech % EURHUF= Hungary 0 % EURPLN= Polish % EURRON= Romania EURHRK= Croatia EURRSD= Serbian 0 % Note: calculated from 1800 daily CET change Latest Previous Daily Change close change in 2021 .PX Prague 1098.95 1101.540 -0.24% +6.99% 0 .BUX Budapes 42968.3 42865.63 +0.24 +2.04% t 1 % .WIG20 Warsaw 1997.73 1974.73 +1.16 +0.69% % .BETI Buchare 11171.7 11158.52 +0.12 +13.93 st 6 % % .SBITOP Ljublja <.SBITOP 1027.43 1029.90 -0.24% +14.05 na > % .CRBEX Zagreb 1881.95 1887.01 -0.27% +8.20% .BELEX1 Belgrad <.BELEX1 752.36 758.87 -0.86% +0.50% 5 e 5> .SOFIX Sofia 504.92 506.50 -0.31% +12.82 % Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republi c CZ2YT=R ps CZ5YT=R ps CZ10YT= ps Poland PL2YT=R ps PL5YT=R ps PL10YT= ps FORWARD 3x6 6x9 9x12 3M interba nk Czech 0.45 0.63 0.89 0.36 Rep Hungary 0.97 1.16 1.32 0.79 Poland 0.24 0.26 0.36 0.21 Note: are for ask FRA prices quotes ******************************************** ****************** (Additional reporting by Jason Hovet in Prague, Editing by Sherry Jacob-Phillips)