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Emerging European currencies were mixed against the euro on Friday with investors wary of Greece's election on Sunday, while stocks strengthened and better than expected current account data supported the Polish zloty. Talk of co-ordinated central bank action to combat any market turmoil after Greek polls helped shares across central Europe, with Warsaw and Budapest up 1.5 percent on the day and leading gains.
Greece faces a cliff-hanger election on Sunday where parties opposed to the conditions of its bailout could win boosting chances the country will leave the euro zone. Under such a scenario, central European markets could take a big hit, as the region has close trading and financial ties to the euro zone.
The Czech crown and Romanian leu were down 0.3 percent and 0.1 percent versus the euro, respectively. The Hungarian forint added 0.2 percent against the single currency and the Polish zloty rose 0.3 percent. Poland's current account deficit widened to a smaller-than-expected 573 million euros in April from a gap of 228 million euros in March, the second consecutive month it has beaten expectations. The currency rose after the data release, but bond yields were largely unchanged.
Friday data also showed Romania's current account narrowed in the first four months of the year, while the Czechs posted an unexpected surplus, although the data did little to move currencies. Hungarian debt yields fell 5 basis points on Friday. Elsewhere in the region, the Serbian dinar rose 1 percent versus the euro and 5-year credit default swaps fell to their lowest since May 23, after reformist Democratic Party and their Socialist allies said this week they had agreed on policy but needed "a few days" to divide up power.

Copyright Reuters, 2012

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