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CNB Expected to Proceed With A 75bps Hike on Feb 3

CZECHIA
  • The CNB is expected to raise its benchmark rate by 75bps to 4.5% at tomorrow’s meeting (Feb 3).
  • Even though further tightening is likely to lead to more downward revision in growth expectations, the majority of Czech policymakers have made it clear that they will continue to hike rates if inflationary pressures remain elevated.
  • Momentum on CZK has remained firm ahead of the meeting; EURCZK keeps testing new lows, gradually approaching its key support at 24.20. Next level to watch on the downside stands at 24. On the topside, resistance to watch stands at 24.50.
  • Finance Ministry reported yesterday that Czech state budget ended in a CZK 3.9bn surplus in January.
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