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PRAGUE, Dec 2 (Reuters) - Central Europe"s currencies
reversed direction on Wednesday as the U.S. dollar regained some
ground, curtailing a rally in riskier assets.
On stock markets, Prague fell from Tuesday"s
nine-month low. Warsaw and Budapest edged backed
toward recent multi-month highs.
The Czech crown and Polish zloty are coming off their
biggest monthly gains since 2009 and 2012, respectively, as
markets have jumped on hopes of vaccines to turn around the
COVID-19 pandemic and other factors.
The Hungarian forint also retreated on Wednesday after a
jump in the previous session in illiquid markets and amid gains
won against a weaker dollar.
Analysts say room for further gains was tight and could only
come in the zloty and forint"s case once Poland and Hungary get
settle a row with the European Union, which wants to link funds
from its budget and recovery fund to the rule of law.
The crown has fallen off highs. It was down 0.2%
at 26.33 to the euro at 1023 GMT. The zloty lost 0.2%
to 4.462 and the forint weakened 0.1% to 356.90.
"A bit of a correction was expected," a Prague dealer said.
"Monday"s end-of-month flow and cancelled bond auctions caused
weakening."
The Czech Finance Ministry, which has been able to ease up
on borrowing after raising a record amount from markets earlier
this year, on Monday said it would scrap a planned auction of
three bonds due for Wednesday.
Bond yields were mixed. Forward rate agreements continued to
tick up on the longer end as markets priced in chances the
central bank would return to rate hikes later next year.
Uncertainties related to the COVID crisis remained bigger
than inflation risks, Czech central bank Vice-Governor Marek
Mora was quoted as saying in an interview with Aktualne.cz on
Wednesday.
Poland"s central bank was meeting on Wednesday and widely
expected to keep interest rates on hold.
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