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All Eyes On CNB

CZECHIA
  • The Czech National Bank (CNB) holds its first monetary policy meeting of the year, with analysts wondering if the central bankers will accelerate their rate-cutting cycle. Market participants wagering on an outsize rate hike this week have helped prompt EUR/CZK to flirt with the 25.0 threshold in the recent days, which paradoxically may prove worrying for the Bank Board, providing an argument against bolder action. On the other hand, macroeconomic conditions would justify lowering interest rates aggressively after repeated delays to the decision to start monetary easing in defiance of staff recommendations. When this is being typed, 14/24 economists surveyed by Bloomberg expect a 25bp cut, while the other 10 look for a 50bp reduction. The rate decision will be announced at 13:30GMT/14:30CET, followed by Governor Ales Michl's presser at 14:45GMT/15:45CET - click here to see our preview.
  • Czechia's unemployment rate increased to 4.0% in January from 3.7% recorded in December, printing above the 3.9% consensus forecast.
  • The ANO party demanded an extraordinary parliament meeting to discuss an error in the asset declaration of PM Fiala, who held shares in a controversial credit union.
  • Lidove Noviny reported that President Petr Pavel has left the country for holidays, with the Castle refusing to disclose the destination and/or duration of his trip.
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