CEE MARKETS-Currencies shrug off dismal second-quarter GDP data

    By Anita Komuves
    BUDAPEST, Aug 14 (Reuters) - Most Central European
currencies held steady on Friday as countries in the region
reported GDP data for the second quarter showing the hefty, but
expected, impact on their economies of lockdowns to curb the
coronavirus pandemic.
    Economic output plunged 8%-13% in the region, mostly in line
with analyst forecasts and priced in by markets.
    Hungary's GDP shrank the most, dropping by an
annual 13.6%, faster than analyst forecasts.
    "The number did not cause any surprise, even though it is
somewhat worse than expected, so I do not expect a big effect"
an FX trader in Budapest said. 
    "Looking at rising coronavirus cases in Hungary and
neighbouring countries, my worry is that there could be need for
restrictive measures again, though not complete lockdowns."
    The forint slid 0.25% to 346.00 to the euro, but
stayed within the range it has been stuck in for a third week.
    Romania's economy contracted 10.5% in the
second quarter year-on-year. 
    Poland's GDP fell 8.2% year-on-year in the
second quarter compared with a 2.0% rise in the previous
quarter. 
    "The fall of Q2 GDP growth was not as big as expected," said
Katarzyna Rzentarzewska at Erste Group.
    The zloty edged up 0.08% to 4.394 versus the
common currency. 
    Elsewhere, the Romanian leu slid 0.08% to 4.8350
to the euro. The Czech crown was stable, gaining 0.04%
and trading at 26.120 per euro. 
    The Czech Republic was the first in the region to publish Q2
GDP data two weeks ago, with a smaller-than-expected contraction
of 10.7% year-on-year. 
    Stocks in the CEE region weakened, in line with global
markets as investors were unnerved by a delay in U.S. fiscal
stimulus and dismal economic data from China.
    Budapest's assets led losses, dropping 0.83%.
Warsaw's equities were down 0.73% while Prague's blue
chip index was down 0.45%. Bucharest's stocks
edged down 0.18%.
       
                     CEE       SNAPSHO   AT                     
                     MARKETS   T        1050 CET          
                               CURRENC                          
                               IES                        
                               Latest   Previous  Daily   Change
                               bid      close     change  in
                                                          2020
 EURCZK=  Czech      <EURCZK=  26.1200   26.1300   +0.04  -2.63%
          crown      >                                 %  
 EURHUF=  Hungary    <EURHUF=  346.000  345.1500  -0.25%  -4.29%
          forint     >               0                    
 EURPLN=  Polish     <EURPLN=   4.3940    4.3975   +0.08  -3.13%
          zloty      >                                 %  
 EURRON=  Romanian   <EURRON=   4.8350    4.8310  -0.08%  -0.97%
          leu        >                                    
 EURHRK=  Croatian   <EURHRK=   7.5350    7.5115  -0.31%  -1.19%
          kuna       >                                    
 EURRSD=  Serbian    <EURRSD=  117.550  117.6000   +0.04   +0.02
          dinar      >               0                 %       %
          Note:      calculated from              1800          
          daily                                   CET     
          change                                          
                                                                
                               Latest   Previous  Daily   Change
                                        close     change  in
                                                          2020
 .PX      Prague                912.62  916.7700  -0.45%  -18.20
                                                               %
 .BUX     Budapest             36450.1  36756.82  -0.83%  -20.90
                                     2                         %
 .WIG20   Warsaw               1844.58   1858.35  -0.74%  -14.21
                                                               %
 .BETI    Bucharest            8748.70   8764.47  -0.18%  -12.31
                                                               %
 .SBITOP  Ljubljana  <.SBITOP   859.09    858.49   +0.07  -7.21%
                     >                                 %  
 .CRBEX   Zagreb               1599.71   1604.40  -0.29%  -20.71
                                                               %
 .BELEX1  Belgrade   <.BELEX1   668.18    667.94   +0.04  -16.65
 5                   5>                                %       %
 .SOFIX   Sofia                 435.05    435.61  -0.13%  -23.43
                                                               %
                                                                
                               Yield    Yield     Spread  Daily
                               (bid)    change    vs      change
                                                  Bund    in
          Czech                                           spread
          Republic                                        
 CZ2YT=R    2-year   <CZ2YT=R   0.1190   -0.0190   +076b   -2bps
 R                   R>                               ps  
 CZ5YT=R    5-year   <CZ5YT=R   0.7020   -0.0180   +133b   -2bps
 R                   R>                               ps  
 CZ10YT=    10-year  <CZ10YT=   0.9800   -0.0160   +140b   -1bps
 RR                  RR>                              ps  
          Poland                                                
 PL2YT=R    2-year   <PL2YT=R   0.1510   -0.0060   +079b   -1bps
 R                   R>                               ps  
 PL5YT=R    5-year   <PL5YT=R   0.6840   -0.0170   +131b   -1bps
 R                   R>                               ps  
 PL10YT=    10-year  <PL10YT=   1.2930    0.0000   +171b   +1bps
 RR                  RR>                              ps  
                     FORWARD                                    
                               3x6      6x9       9x12    3M
                                                          interb
                                                          ank
          Czech Rep               0.33      0.33    0.42    0.34
                     <PRIBOR=                             
                     >                                    
          Hungary                 0.76      0.72    0.83    0.60
                                                          
          Poland                  0.20      0.20    0.22    0.23
                                                          
          Note: FRA  are for ask                                
          quotes     prices                               
          **********************************************        
          ****************                                
 
 (Additional reporting by Alan Charlish in Warsaw and Radu-Sorin
Marinas in Bucharest; Editing by Hugh Lawson)
  
 
 

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