Crown hits 8-week low with FX stuck at weaker levels
PRAGUE, Oct 1 (Reuters) -The Czech crown hit an eight-week low against the euro on Tuesday as rising risk aversion and data showing continued decline in the region's manufacturing sector kept central Europe's currencies on the back foot.
The crown slipped as low as 25.280 to the euro in morning trade before steadying to 25.269 EURCZK= by 0926 GMT, 0.2% weaker on the day.
The region's currencies have been on a downward slope, mainly led by the crown and Hungarian forint after their respective central banks extended long-running interest rate-cutting cycles last week.
Focus will turn to the Polish and Romanian central banks this week, which are expected to stay on hold but markets will look for new clues on the rate outlook.
In the meantime, global markets have guided the region in recent sessions. The U.S. dollar rallied broadly on Tuesday after Federal Reserve Chair Jerome Powell pushed back against bets on more supersized interest rate cuts.
"The dollar's gains did not help," bank CSOB analysts said. "Global yields and the eurodollar before Friday's U.S. payrolls data will be a further dynamic (for currencies)."
A continued manufacturing downturn that is weighing on central Europe's economy is another drag on the region's currencies.
Purchasing Managers' Indices published on Tuesday showed activity in central Europe stayed in contraction territory last month, with weak demand mainly from key trading partner Germany the biggest reason.
Poland's zloty EURPLN= fell 0.1% to 4.28 to the euro while Romania's leu EURRON= and Hungary's forint EURHUF= were both steady, with the latter trading at 397.25 to the euro.
The forint, the region's worst performer this year with a 3.5% drop, is trading less than 1% away from the psychological 400 per euro level. The forint last weakened past that level in March 2023.
A trader in Budapest said risk aversion was higher after Israel's ground incursion into south Lebanon.
"There was some expectation that the forint could strengthen after the end-of-the-month weakening but this war is making that impossible due to risk aversion," the trader said.
CEE MARKETS | SNAPSHOT | AT 1126 CET | |||
CURRENCIES | |||||
Latest | Previous | Daily | Change | ||
trade | close | change | in 2024 | ||
Czech crown | EURCZK= | 25.2690 | 25.2100 | -0.23% | -2.25% |
Hungary forint | EURHUF= | 397.2500 | 397.2500 | +0.00% | -3.54% |
Polish zloty | EURPLN= | 4.2860 | 4.2830 | -0.07% | +1.36% |
Romanian leu | EURRON= | 4.9760 | 4.9764 | +0.01% | -0.03% |
Serbian dinar | EURRSD= | 116.9300 | 117.0300 | +0.09% | +0.27% |
Note: daily change | calculated from | 1800 CET | |||
Latest | Previous | Daily | Change | ||
close | change | in 2024 | |||
Prague | .PX | 1609.41 | 1611.2100 | -0.11% | +13.82% |
Budapest | .BUX | 74197.02 | 73896.18 | +0.41% | +22.40% |
Warsaw | .WIG20 | 2307.65 | 2324.13 | -0.71% | -1.51% |
Bucharest | .BETI | 17616.02 | 17616.92 | -0.01% | +14.60% |
Spread | Daily | ||||
vs Bund | change in | ||||
Czech Republic | spread | ||||
2-year | CZ2YT=RR | 3.1920 | -0.0050 | +115bps | +2bps |
5-year | CZ5YT=RR | 3.3430 | 0.0330 | +144bps | +8bps |
10-year | CZ10YT=RR | 3.6780 | -0.0020 | +161bps | +7bps |
Poland | |||||
2-year | PL2YT=RR | 4.7280 | 0.0280 | +268bps | +5bps |
5-year | PL5YT=RR | 4.9000 | 0.0080 | +299bps | +6bps |
10-year | PL10YT=RR | 5.2760 | -0.0060 | +321bps | +6bps |
FORWARD RATE AGREEMENTS | |||||
3x6 | 6x9 | 9x12 | 3M interbank | ||
Czech Rep | CZKFRAPRIBOR= | 3.67 | 3.29 | 3.03 | 4.20 |
Hungary | HUFFRABUBOR= | 6.30 | 5.90 | 5.41 | 6.31 |
Poland | PLNFRAWIBOR= | 5.77 | 5.37 | 4.71 | 5.85 |
Note: FRA quotes | are for ask prices | ||||
************************************************************** | |||||
Reporting by Jason Hovet in Prague, Anita Komuves in Budapest, and Pawel Florkiewicz in Warsaw
For related news and prices, click on the codes in brackets:
All emerging market news EMRG CEEU CEE/
Spot FX rates
Eastern Europe spot FX EEFX= Middle East spot FX MEFX=
Asia spot FX ASIAFX= Latin America spot FX LATAMFX=
Other news and reports
World central bank news CEN Economic Data Guide ECONGUIDE
Official rates GLOBAL/INT Emerging Diary EMRG/DIARY
Top events M/DIARY Diaries DIARY Diaries Index IND/DIARY
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限,并允许个人查看和/或使用网站或网站所提供的内容,但无意进行任何更改或扩展,也不会更改或扩展其服务和访问权限。所有访问和使用权限,将受下列条款与条例约束:(i) 条款与条例;(ii) 风险提示;以及(iii) 完整免责声明。请注意,网站所提供的所有讯息,仅限一般资讯用途。此外,XM所有在线交易平台的内容并不构成,也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料,仅适用于教育/资讯类用途,不包含也不应被视为用于金融、投资税或交易相关咨询和建议,或是交易价格纪录,或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容,包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接,皆保持不变,并作为一般市场评论所提供,而非投资性建议。所有在线交易平台所发布的资料,仅适用于教育/资讯类用途,不包含也不应被视为适用于金融、投资税或交易相关咨询和建议,或是交易价格纪录,或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解,XM非独立投资研究提示和风险提示相关资讯,更多详情请点击 这里。