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Oct 27 (Reuters) - Central European currencies slipped on
Wednesday, as worries over Poland"s row with the European Union
over the rule of law and the speed of monetary policy
normalisation in Hungary weighed on the region.
Financial markets are looking for signs of how fast
policymakers will raise interest in a region facing the highest
inflation in Europe. There are also concerns that Poland will
miss out on billions in EU funds due to its clash with Brussels
over judicial reforms.
"The dispute with the European Union and the delay in the
approval of the national recovery plan, concerns about the
prospects for the global economy, as well as a stronger dollar
are not conducive to the performance of the Polish currency,"
Bank Millennium said in a note.
At 0927 GMT, the Polish zloty was 0.36% weaker against the
euro at 4.6185.
The Polish central bank unexpectedly hiked the cost of
credit by 40 basis points to 0.5% in October. Governor Adam
Glapinski is scheduled to address lawmakers in parliament later
on Wednesday and might provide clues as to whether further hikes
are possible before the end of the year.
The Hungarian forint was 0.15% weaker against the euro at
365.44.
The Hungarian central bank hiked its main base rate by 15
basis points to 1.8% in October, but markets have been uncertain
about the pace of further tightening.
After the rate hike, Deputy Governor Barnabas Virag had said
the bank would continue raising rates in 15-basis-point steps
until December, but was later cited as saying the central bank
needs to tighten monetary conditions more than projected in
September.
"The euro-forint rate is stabilizing above the 365-level,
investors consider the cycle of 15-basis-point rate hikes to be
too slow ... according to a Morgan Stanley analysis the Czech
central bank could raise rates by 1.5% this year," Equilor said
in a note.
The Czech crown was little changed at 25.7060.
CEE SNAPSHO AT
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EURCZK= Czech
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