CEE MARKETS-After shock rate cut, zloty in biggest two-day fall since early 2022

The decision on Wednesday from the National Bank of Poland (NBP) to cut the cost of credit to 6.00% was a much sharper kick-off to an easing cycle than markets had anticipated. The jolt caused the zloty to fall as much 3% since Tuesday's close, its sharpest two-day fall since March 2022. Rates markets around the region also adjusted lower after the bigger-than-expected rate cut, with further easing expected in Hungary and more bets that the start of interest rate cuts in the Czech Republic was on the way.