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Czech 10Y Yield Is Flat Ahead of CPI Data on June 10

CZECHIA
  • The Czech government approved an outline of the main parameters of the 2022 budget draft, expecting the deficit to narrow to 390 billion koruna from a record 500 billion koruna planned for this year, the Finance Ministry says in a statement (BBG).
  • Yesterday, economic data showed that unemployment rate fell to 3.9% in May, down from 4.1% in June. In addition, construction output fell 3.9% YoY in April and Foreign Trade surplus rose to 19.3bn CZK.
  • This morning, April retail sales rose by 21% (less than the 25.2% ex.), up from a revised 15.6% the previous month.
  • USDCZK has been trading sideways in the past three weeks, oscillating within a tight range between 20.72 and 21. next resistance to watch on the topside stands at 21.22, followed by 21.32 (50D SMA). On the downside, first support to watch below 20.72 stands at 20.35.
  • Czech 10Y yield has remained flat at around 1.68% in the past week and is currently trading below its 100D SMA (1.70%), next support to watch on the downside stands at 1.60%. On the topside, first resistance stands at 1.80% (50D SMA).
  • Czech currently offers one of the lowest 10Y real yields among the EM world at -1.42%.
  • Next CPI print (for May) is coming out on June 10.
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