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CEE MARKETS-Crown jumps to highest since 2013 on current account surplus
2017年6月13日 / 中午12点16分 / 1 个月内

CEE MARKETS-Crown jumps to highest since 2013 on current account surplus

7 分钟阅读

    * CEE assets rangebound ahead of Fed meeting
    * JP Morgan lifts OTP target price, Budapest stocks at
record high

 (Recasts on crown at multi-year high)
    By Sandor Peto and Jason Hovet
    BUDAPEST/PRAGUE, June 13 (Reuters) - The Czech crown jumped
to its strongest level against the euro since the central bank
(CNB) removed its currency cap two months ago, supported by
figures showing a surprise current account surplus in April and
a buy recommendation from Citigroup.
    Central European markets were generally mixed and rangebound
as investors awaited key signals on global interest rate trends
from the U.S. Federal Reserve's meeting on Wednesday.
    The crown was trading at 26.142 against the euro
at 1109 GMT, up 0.24 percent from Monday and more than 3 percent
from its former cap at 27, taking it to its highest since the
cap was introduced in late 2013.
    Though a firming of the local currency cuts import prices,
CNB data released on Tuesday showed a 14.35 billion crown
($616.01 million) current account surplus in April, against
expectations for a deficit. 
    Some analysts expect the crown to strengthen further.
    Citigroup analysts said in a note that investors should buy
the crown, with a target of 25.25.
    While there is some risk that inflation will be lower than
expected in the coming months, a stronger crown is unlikely to
deter the CNB from tightening policy by late in the third
quarter or early in the fourth quarter, they said.
    The CNB demonstrated its willingness to tighten conditions,
by doubling the amount of buffer reserves that domestic banks
must put aside from July 2018 because of rapid credit growth.

    Elsewhere in the region, the forint gained 0.2
percent against the euro, the zloty firmed by 0.1 percent and
the leu eased by 0.1 percent.
    Budapest's main stock index hit a record high on
Tuesday, boosted by a share price rise for OTP Bank
after JP Morgan lifted its target price for the stock.
    OTP firmed by about 2.5 percent to a four-month high of
9,180 forints ($33.22) after JP Morgan changed its target to
12,000 forints from 9,860 forints.
    "The last time we saw similar value (from JP Morgan) was in
2007," Erste analysts said in a note. 
    
                CEE MARKETS  SNAPSH   AT  1309 CET         
                             OT                      
                             CURRENCIES                    
                             Latest  Previo  Daily   Change
                                     us              
                             bid     close   change  in
                                                     2017
 Czech crown                 26.142  26.203   +0.24   3.31%
                                  0       5       %  
 Hungary                     306.87  307.53   +0.22   0.64%
 forint                          00      00       %  
 Polish zloty                4.1912  4.1964   +0.12   5.07%
                                                  %  
 Romanian leu                4.5687  4.5623  -0.14%  -0.74%
 Croatian kuna               7.4125  7.4095  -0.04%   1.92%
 Serbian dinar               122.25  122.40   +0.12   0.90%
                                 00      00       %  
 Note: daily    calculated   previo  close   1800          
 change         from         us      at      CET     
                             STOCKS                        
                             Latest  Previo  Daily   Change
                                     us              
                                     close   change  in
                                                     2017
 Prague                      1000.5  1004.4  -0.39%   +8.57
                                  5       6               %
 Budapest                    35556.  35334.   +0.63   +11.1
                                 62      48       %      0%
 Warsaw                      2288.0  2295.0  -0.31%   +17.4
                                  1       1              6%
 Bucharest                   8442.0  8451.2  -0.11%   +19.1
                                  7       0              5%
 Ljubljana                   794.02  797.45  -0.43%   +10.6
                                                         5%
 Zagreb                      1847.3  1841.1   +0.34  -7.39%
                                  6       0       %  
 Belgrade                    716.76  723.54  -0.94%  -0.09%
 Sofia                       682.76  681.39   +0.20   +16.4
                                                  %      3%
                             BONDS                         
                             Yield   Yield   Spread  Daily
                             (bid)   change  vs      change
                                             Bund    in
 Czech                                               spread
 Republic                                            
   2-year                    -0.067   0.043   +065b   +4bps
                                                 ps  
   5-year                    -0.065   0.038   +037b   +3bps
                                                 ps  
   10-year                    0.833   0.027   +056b   +1bps
                                                 ps  
 Poland                                                    
   2-year                     1.885       0   +260b   +0bps
                                                 ps  
   5-year                     2.592       0   +303b   -1bps
                                                 ps  
   10-year                    3.168   0.033   +290b   +2bps
                                                 ps  
                FORWARD      RATE    AGREEMENT             
                             3x6     6x9     9x12    3M
                                                     interb
                                                     ank
 Czech Rep              <PR    0.35    0.43    0.52       0
                IBOR=>                               
 Hungary                <BU    0.19    0.23    0.28    0.15
                BOR=>                                
 Poland                 <WI   1.754   1.768    1.82    1.73
                BOR=>                                
 Note: FRA      are for ask                                
 quotes         prices                               
 

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