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CNB Holub Likely To Back 50bps Hike At September Meeting

CZECHIA
  • Yesterday, Finance Minister Alena Schillerova recently urged CNB not to raise interest rates as it would increase the borrowing costs and weaken the investment needed to help the economy recover from the pandemic.
  • However, we have seen in recent weeks that policymakers' tone has turned more hawkish following the positive surprise in inflation in August, with CNB now expected to raise the policy rate by 50bps on September 30.
  • This morning, CNB member Holub said that he will 'quite likely' vote for a 50bps rate hike in September.
  • USDCZK ticks lower this morning after finding at local high at 21.74 earlier; support to watch on the downside stands at 21.60 (50DMA), followed by 21.50 (200DMA). On the topside, resistance to watch stands at 21.80.
  • Czech 10Y yield has been retracing higher in the past two weeks, currently testing its key resistance at 2%. Next level to watch on the topside stands at 2.2%. On the downside, first support stands at 1.91%, followed by 1.76% (50DMA).
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