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Coalition Partners In Dispute Over Euro Adoption, Local Data In Focus

CZECHIA
  • Ruling coalition members remain conflicted over the proposal to adopt the euro after European Affairs Minister Martin Dvorak (STAN) appointed a special commissioner for entry into the ERM II system, seemingly without consultation with his coalition partners. Denik N reported that Prime Minister Petr Fiala called a meeting of the coalition to discuss the matter and defuse tensions.
  • Czechia's industrial output shrank 6.0% Y/Y in December versus -7.0% expected, while construction output contracted by 4.6% Y/Y. Meanwhile, trade surplus narrowed to just CZK3.5bn from the revised CZK29.4bn prior, missing the CZK6.8bn consensus forecast.
  • Market participants await Thursday's monetary policy decision from the Czech National Bank (CNB). It is a close call between a 25bp and 50bp rate cut, with consensus leaning towards a smaller move.
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