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Czech GDP Growth Fell By 2.4% YoY in Q1

CZECHIA
  • This morning, economic data showed that Czech Economy fell by 2.4% YoY in Q1 amid worsening Covid situation (CEE region was severely hit by the 3rd wave). Next focus will be on manufacturing PMI and Budget Balance coming out on July 1st.
  • Market is still expecting business sentiment to continue to rise despite the high uncertainty due to Delta variant and the significant contraction in Chinese liquidity that could weigh on risky assets in the near term.
  • Today (12pm London time), CNB deputy governor Marek Mora is expected to speak on bank regulation in context of environmental policies and climate goals (BBG).
  • USDCZK ticks higher this morning, currently trading slightly below its 100D SMA (21.45); a break above that level would open the door for a move up to 21.80 (200DMA). On the downside, first support to watch stands at 21.13 (50DMA).
  • Czech 10Y yield has been trending slightly higher in the past week, currently flirting with its 50DMA at 1.72%; next resistance to watch on the topside stands at 1.75% (100DMA), followed by 1.80%. On the downside, ST key support stands at 1.60%.
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