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CEE MARKETS-Currencies stabilise, bond yields tick up in ECB aftermath

Nuevos Vecinos, Madrid, España
CEE MARKETS-Currencies stabilise, bond yields tick up in ECB aftermath

By Jason Hovet PRAGUE, Sept 13 (Reuters) – Central European currencies steadied on Friday after rallying when the European Central Bank cut interest rates deeper into negative territory and promised more bond purchases, while the region’s yields ticked back up. The ECB‘s launch of further stimulus to stoke a euro zone economic recovery, which has lagged solid growth in central Europe, gave a quick boost to the region’s assets on Friday before questions over the plans’ effectiveness arose. Currencies had spiked on Thursday after the ECB action but then gave back some gains while the yield on Poland‘s 10-year benchmark dropped briefly below 2% before settling. It was last bid at 2.08% on Friday. Unlike with the ECB, monetary policy in central Europe remains in a wait-and-see mode. “In our view, in the coming weeks the potential for a return to historical lows is limited and 10-year bond (yields) will remain above 2 percent,” PKO Bank Polski in Warsaw said. Czech bond yields also ticked up 2-5 basis points along the longer end of the curve, with 10-year paper at a mid-yield of 1.34% in Friday trading and Hungarian yields rising by up to 6 basis points, putting the 10-year benchmark yield at 2.12%. One dealer said market focus was already turning toward a U.S. Federal Reserve policy meeting along with Hungarian and Czech central bank meetings this month for more guidance. By 0844 GMT, the Hungarian forint had dropped 0.1% to 332.77 bid against the euro, just off a record low 333.46 hit this week. Poland‘s zloty also fell to 4.34 to the euro and the Czech crown and Romanian leu were a touch higher. Most analysts do not expect the region’s central banks to follow the ECB action, and also a loosening of policy by the U.S. Fed anytime soon. “In Hungary and Czech Republic, we expect the central banks to keep rates on hold with downside risks from weaker growth in the euro area and the ECB‘s easing of monetary conditions to outweigh the still strong domestic demand growth and inflation pressures,” Morgan Stanley said. Czech rates markets price in cuts over the next year although rates have slightly ticked up in recent weeks. ING economist Jakub Seidler in Prague said the need for Czech interest rate cuts was limited this year. Czech central bankers Marek Mora and Oldrich Dedek both told Reuters this week rate stability was likely as a solid domestic economy remains resilient so far to slowdowns abroad. CEE SNAPSH AT MARKETS OT 1044 CET CURREN CIES Latest Previo Daily Change us bid close change in 2019 EURCZK Czech <EURCZK 25.849 25.862 +0.05 -0.55% = crown => 0 5 % EURHUF Hungary <EURHUF 332.77 332.45 -0.10% -3.51% = forint => 00 00 EURPLN Polish <EURPLN 4.3403 4.3356 -0.11% -1.17% = zloty => EURRON Romania <EURRON 4.7355 4.7376 +0.04 -1.72% = n leu => % EURHRK Croatia <EURHRK 7.3950 7.3933 -0.02% +0.20 = n kuna => % EURRSD Serbian <EURRSD Retrie 117.50 #VALUE #VALUE = dinar => ving.. 00 ! ! . Note: calculated from 1800 daily CET change Latest Previo Daily Change us close change in 2019 .PX Prague 1049.7 1049.4 +0.04 +6.41 9 200 % % .BUX Budapes 40090. 40066. +0.06 +2.43 t 69 95 % % .WIG20 Warsaw <.WIG20 2197.2 2189.0 +0.37 -3.49% > 4 7 % .BETI Buchare 9216.6 9221.6 -0.05% +24.8 st 8 9 3% .SBITO Ljublja <.SBITO 850.27 851.62 -0.16% +5.72 P na P&gt; % .CRBEX Zagreb <.CRBEX 1889.4 1891.7 -0.12% +8.04 > 3 9 % .BELEX Belgrad <.BELEX 763.80 762.59 +0.16 +0.28 15 e 15> % % .SOFIX Sofia <.SOFIX 577.43 578.01 -0.10% -2.86% > BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republi c CZ2YT= <CZ2YT= 1.2740 0.0540 +195b +3bps RR 2-year RR&gt; ps CZ5YT= <CZ5YT= 1.1340 -0.038 +188b -7bps RR 5-year RR&gt; 0 ps CZ10YT <CZ10YT 1.3940 0.0540 +189b +1bps =RR 10-year =RR&gt; ps Poland PL2YT= <PL2YT= 1.5720 0.0110 +225b -1bps RR 2-year RR&gt; ps PL5YT= <PL5YT= 1.8560 0.0430 +260b +1bps RR 5-year RR&gt; ps PL10YT <PL10YT 2.0870 0.0580 +258b +2bps =RR 10-year =RR&gt; ps FORWARD RATE AGREEM ENT 3×6 6×9 9×12 3M interb ank Czech <CZKFRA 2.11 2.01 1.99 2.14 Rep ><PRIBO R=> Hungary <HUFFRA 0.26 0.30 0.33 0.21 ><BUBOR => Poland <PLNFRA 1.73 1.71 1.69 1.72 ><WIBOR => Note: are for ask FRA prices quotes **************************************** ********************** (Reporting by Jason Hovet in Prague, Krisztina Than in Budapest and Alan Charlish in Warsaw; editing by Emelia Sithole-Matarise)