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Resistance Remains Intact


Reverse Repo Operation


Softer Greenback Extends GBP Bounce


Eyeing Key Support

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  • While the primary focus will be on whether this morning inflation print (CPI fell to 2.9% in May from 3.1%) will push the first CNB hike to the August 5 meeting (some participants are expecting a hike as early as June 23), there has also been some political uncertainty in Czech Republic where opposition parties have been trying to remove PM Babis from office over bad management of the Covid19 crisis and conflict of interest.
  • Even though the no-confidence vote has made a lot of noise recently, it has not impacted domestic asset prices, with CZK remaining strong against the major crosses.
  • Czech equities (PX Index) have continuously been testing new highs and are currently trading at a 10-year high slightly below the 1,200 resistance.

Source: Bloomberg/MNI