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Czech Economy Expanded By 8.2% YoY in Q2

CZECHIA
  • Prague prosecutors reach an internal deadline on Tuesday for deciding whether to press charges against Prime Minister Andrej Babis over an alleged misuse of EU funds; the office has signaled it may need more time to decide (BBG).
  • Czech economy expanded by 8.2% YoY in Q2 according to a refined of the Czech Statistical Office, up from the 7.8% July (first) estimate.
  • Economic data also showed that money supply decelerated to 10.2% YoY in July, down from 10.7% the previous month.
  • It was also reported that foreigners held 32.1% of CZK state bonds at the end of July.
  • USDCZK has been trending lower in the past 10 days, currently testing its 200DMA at 21.53; a break below that level would open the door for a move down to 21.39 (100DMA). On the topside, first resistance stands at 21.70, followed by 22.
  • Czech 10y yield has flat in the past week, currently trading slightly below the 1.80% level. Key resistance to watch on the topside stands at 2%; on the downside, first support stands at 1.75% (100DMA), followed by 1.70% (50DMA).
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