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PRAGUE, Sept 22 (Reuters) - Hungary"s forint fell further
from its September highs on Wednesday, a day after its central
bank slowed the pace of interest rate hikes, while the Polish
zloty touched a more than 5-month low ahead of a key
constitutional court ruling.
The forint led losses among central European currencies,
which largely stayed under pressure as markets awaited more
clues about the U.S. Federal Reserve"s tapering timeline.
Only the crown firmed, amid growing certainty the Czech
central bank could accelerate its own rate tightening cycle.
Central European stock markets also strengthened, led by a
1.5% rise in Warsaw blue-chip stocks as global markets
found relief after Chinese developer Evergrande said it could
pay a coupon on one of its bonds. Worries over a possible
default and its spillover effects hit markets this week.
In Poland, the zloty had dropped 0.2% to 4.631 to
the euro by 0904 GMT.
The country"s Constitutional Tribunal could rule on
Wednesday on whether Poland"s constitution or European Union
treaties take precedence, a judgement that an EU commissioner
said was holding up the release of European funds to Warsaw.
"(The decision) could put further pressure on the zloty and
could have further consequences in the ongoing fight with
Brussels and the future of the National Recovery Plan," Bank
Millennium said.
Hungary"s forint fell 0.5%. Its central bank
delivered a lower-than-expected 15 basis point rate increase on
Tuesday, but assured markets a tightening cycle would continue
as it lifted its inflation forecasts.
Central banks in Hungary and the Czech Republic were the
first in the European Union to start interest rate hikes in
June.
"One might question why higher inflation risk does not
warrant faster, more urgent rate hikes, but all in all, the
communication suggested that rate hikes may continue further
than it appeared before," Commerzbank said.
Markets are betting the Czech central bank could deliver a
50 basis point rate hike - above their standard 25 basis point
moves - at a Sept. 30 meeting. It would be the first time since
1997 that the bank opted for a steeper hike.
The crown outperformed on Wednesday, gaining a
touch to 25.413 per euro, but it was off a more than 1-1/2 year
high of 25.248 hit last week.
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