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Czech Split on FX Sales Boosts Bets for More Hikes

CZECHIA
  • Money-market wagers on the magnitude of Czech interest-rate increases have doubled from a week ago after two central bankers opposed selling foreign reserves as an auxiliary monetary-policy tool
  • Forward-rate agreements show investor expectations for a total of at least 100bps of hikes over the next three months, twice the amount implied as recently as March 21
  • Vice Governor Marek Mora and board member Tomas Holub last week voiced their reservations against Governor Jiri Rusnok’s suggestion that the central bank might consider buying the koruna in the market to help fight one of the EU’s highest inflation rates. Instead, they both spoke in favor of further rate hikes.
  • SocGen’s Czech unit Komercni Banka projects hikes by 50bps at each of the next two policy meetings, but sees mounting risks of even more tightening
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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