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April Industrial PPI Rose By 4.6%

CZECHIA
  • Covid cases continue to gradually decrease with the 7D SMA of daily new cases dropping to 1,100 (down from 12,300 from its early March highs). As a result, The Czech Republic continues to ease pandemic restrictions as lower grades of primary schools resume full in-class learning and restaurants reopen outdoor seating areas.
  • Based on the CNB minutes of the May 6 meeting published last week, policymakers agreed that the monetary policy tightening had moved much closer since its last meeting. CNB Governor Jiri Rusnok emphasized that the central bank will remain focus on its primary mandate, which is price stability . As a reminder, first hike is still priced in for as early as August as CNB prepares for a tightening cycle (while other CEE countries aim to keep interest rates steady to maintain financial conditions as loose as possible to stimulate the economy), which is one of the major reasons why CZK has remained strong against major crosses in recent weeks.
  • Last week, we saw that the CBA improved its growth projections for 2021 from 2.6% to 3.3%, but decreased next year's predictions from 4.6% to 4.3%.
  • This morning, economic data showed that Czech April industrial rose by 4.6% YoY, more than the 4.2% expected and up from 3.3% the previous year.
  • The Cabinet meets at 1pm today (London time) to discuss about national recovery plan for drawing funds from EU recovery fund.
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