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(Adds central bank decision, trader comments)
PRAGUE/BUDAPEST, Dec 15 (Reuters) - The forint firmed
slightly after the National Bank of Hungary left its main rates
unchanged on Tuesday, while government bond yields extended
their slide in the wake of the EU budget deal.
The Hungarian central bank said it would remain cautious in
its monetary policy despite having cut back its economic growth
forecast for next year, saying global market risks remained
elevated.
The NBH left its base rate at 0.6% and the overnight deposit
rate at -0.05%. It said that it will maintain the gap between
its 0.75% one-week deposit rate and the base rate as long as
inflation risks justify.
The forint was down 0.46% on the day by 1507 GMT,
trading at 355.33 per euro. The currency had pulled back from
multi-month highs before the bank"s rate meeting but recouped
some of these losses after its comments.
"The forint was little moved because none of the bank"s
announcements were very surprising," a Budapest-based FX trader
said. "Today"s half-percent move in pre-holiday illiquid trade
is normal, and the forint is still at a strong level."
On Tuesday, Hungarian 3-year government bond yields dropped
about 20 basis points, while 5-year yields eased about 9 basis
points and longer-maturity bonds on average by 5-7, according to
the debt agency fixing page and traders.
The debt agency announced its 2021 financing plan on Monday,
reducing government bond auction sales next year compared to
2020. The central bank also bought Hungarian government bonds at
its weekly auction earlier on Tuesday.
The debt agency said it would not hold any 3-year bond
auctions next year. nL8N2IU3WN
"We can see that we will be moving towards a forcedly steep
yield curve, with no issues of bonds under five years and a lot
above that," a Budapest-based trader said.
Elsewhere, Poland"s zloty was flat around 4.44 per
euro.
Dealers and analysts have said currencies are falling into
ranges and liquidity is softening in the final weeks of 2020
trade, a year in which the main currencies are down 3.5-6.5%
after struggling to make up steep losses caused by the onset of
the pandemic in the first quarter.
A Reuters poll forecasts the zloty and Czech crown will lead
gains next year, the latter helped by expectations the country"s
central bank will turn more hawkish than others.
CEE SNAPSHO AT
MARKETS T 1617 CET
CURRENC
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Latest Previous Daily Change
bid close change in 2020
EURCZK= Czech
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