April 8 (Reuters) - Central European currencies gained on
Thursday, as sentiment was buoyed by a series of positive
signals for the global economy this week.
Buffeted by concerns over the COVID-19 pandemic and rising
global bond yields, the region"s currencies had a torrid time in
March.
However, they have recovered since then helped by a
consolidation in yields and a weaker U.S. dollar, with recent
global economic data on the labour market and the services
sector giving a further boost.
"There is good sentiment around the world which is connected
with the record high of the Dow Jones and S&P, with
better-than-expected PMI for services here in Europe yesterday,
but also with a series of good readings from the United States,"
said Mateusz Sutowicz, a financial market analyst at Bank
Millennium.
PKO BP analysts said in a note the Polish zloty
had been supported by a change in language concerning the
currency in a central bank press release.
The central bank said the pace of Poland"s recovery would
depend on the zloty exchange rate, but removed a long-standing
reference to the dangers of a lack of "visible and more durable"
zloty adjustment to the pandemic and previous rate cuts.
At 1010 GMT, the Polish zloty was 0.54% firmer
against the euro at 4.5516, the Czech crown had
strengthened 0.09% to 25.8210, while the Hungarian forint was
0.13% stronger at 358.70.
Poland sold bonds worth a total of 5 billion zlotys in a
tender on Thursday. Benchmark Polish 10-year yields
were little changed at 1.564%
"Over the next few days, the yields of 2-year bonds should
remain around 0.05%, while the yields of 10-year bonds should
remain close to 1.60%," PKO BP analysts said in a note.
Czech 10-year yields fell 4.7 basis points to 1.897%.
CEE SNAPSHO AT
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EURCZK= Czech
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