CEE MARKETS-Forint underperforms before November inflation data

    BUDAPEST, Dec 9 (Reuters) - The Hungarian forint fell 0.3% versus
the euro on Monday, giving back some of its early-December gains, as central
Europe's worst-performing currency continued to seesaw between record lows and
slightly stronger levels.
    At 0952 GMT, the forint traded at 331.72 versus the euro, underperforming
its regional peers, which were weaker or unchanged.
    The forint has lost over 3% against the euro this year and hit successive
record lows in September and November as Hungary's ultra-loose monetary policy
compounded global market volatility over the U.S.-China trade war and Brexit. It
set its latest record-low at 337.21 per euro late last month.
    "EURHUF touched the 330 support level on Friday, only to rebound immediately
for an opening level around 331 this morning," analysts at Erste Investment said
in a note.
    "The 330 mark is has psychological significance anyway ... so this
represents a strong technical level, which can put an end to the forint's
strengthening seen since the end of November."
    A currency dealer in Budapest said the forint would likely move in the 330
to 335 range in the next days, with attention shifting to Hungarian inflation
data due on Tuesday and global central bank meetings later in the week.
    Analysts polled by Reuters expect headline inflation rose to 3.3% in
November, while core inflation stayed at 4%, the top of the Hungarian central
bank's 2% to 4% target range.
    The National Bank of Hungary will hold a monthly policy meeting on December
17, when it will release new forecasts from its quarterly inflation report,
which forms the basis of any required policy changes.
    The bank has been relaxed about the weak forint and has reiterated its
accommodative stance after its November meeting, even though some analysts have
said its loose policy would weigh on the forint.
    The Polish zloty eased 0.1% in early trade. Economists at
Santander Bank Polska said the currency would remain driven by global data,
especially the parliamentary election in the United Kingdom.
    "The ECB and FOMC will decide about the interest rates. We do not expect any
changes and we think that the central bank meetings will be overshadowed by the
geopolitical issues," the economists said.
                   CEE      SNAPSHO   AT                      
                   MARKETS  T        1052              
                            Latest   Previou  Daily    Change
                            bid      close    change   in 2019
 EURCZK  Czech     <EURCZK  25.5390  25.5160   -0.09%   +0.66%
 =       crown     =>                                  
 EURHUF  Hungary   <EURHUF  331.720  330.770   -0.29%   -3.21%
 =       forint    =>             0        0           
 EURPLN  Polish    <EURPLN   4.2830   4.2785   -0.11%   +0.15%
 =       zloty     =>                                  
 EURRON  Romanian  <EURRON   4.7775   4.7761   -0.03%   -2.59%
 =       leu       =>                                  
 EURHRK  Croatian  <EURHRK   7.4370   7.4385   +0.02%   -0.36%
 =       kuna      =>                                  
 EURRSD  Serbian   <EURRSD  117.470  117.550   +0.07%   +0.71%
 =       dinar     =>             0        0           
         Note:     calculated from            1800            
         daily                                CET      
                            Latest   Previou  Daily    Change
                                     close    change   in 2019
 .PX     Prague             1087.57  1091.19   -0.33%   +10.24
                                          00                 %
 .BUX    Budapest           44164.6  44207.5   -0.10%   +12.84
                                  4        0                 %
 .WIG20  Warsaw    <.WIG20  2058.94  2073.11   -0.68%   -9.56%
 .BETI   Buchares           9981.31  9977.47   +0.04%   +35.18
         t                                                   %
 .SBITO  Ljubljan  <.SBITO   909.47   905.61   +0.43%   +13.08
 P       a         P>                                        %
 .CRBEX  Zagreb    <.CRBEX  1991.46  1991.46   +0.00%   +13.88
                   >                                         %
 .BELEX  Belgrade  <.BELEX   775.42   777.60   -0.28%   +1.80%
 15                15>                                 
 .SOFIX  Sofia     <.SOFIX   545.34   546.61   -0.23%   -8.26%
                            Yield    Yield    Spread   Daily
                            (bid)    change   vs Bund  change
         Czech                                         spread
 CZ2YT=    2-year  <CZ2YT=   1.4880   0.0020   +216bp    +1bps
 RR                RR>                              s  
 CZ5YT=    5-year  <CZ5YT=   1.2400   0.0160   +182bp    +3bps
 RR                RR>                              s  
 CZ10YT            <CZ10YT   1.4780  -0.0260   +178bp    -1bps
 =RR     10-year   =RR>                             s  
 PL2YT=    2-year  <PL2YT=   1.3780  -0.0200   +205bp    -1bps
 RR                RR>                              s  
 PL5YT=    5-year  <PL5YT=   1.7330  -0.0090   +231bp    +0bps
 RR                RR>                              s  
 PL10YT            <PL10YT   1.9860  -0.0200   +229bp    -1bps
 =RR     10-year   =RR>                             s  
                   FORWARD  RATE     AGREEME                  
                            3x6      6x9      9x12     3M
         Czech     <CZKFRA     2.23     2.22     2.16     2.18
         Rep       ><PRIBO                             
         Hungary   <HUFFRA     0.24     0.26     0.30     0.16
         Poland    <PLNFRA     1.73     1.68     1.64     1.70
         Note:     are for ask                                
         FRA       prices                              
 (Reporting by Gergely Szakacs, Jason Hovet and Alan Charlish; editing by Larry

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