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CZECHIA: CNB To Report June Current Account Balance

CZECHIA
  • EUR/CZK sank through support from Jul 19/22 lows of 25.208 and printed its lowest levels in more than a month as Czechia released above-forecast CPI data yesterday. The CNB commented that headline inflation (+2.2% Y/Y) topped the +2.0% forecast because of "stronger growth in administered prices and a lower-than-expected decline in prices of food, beverages and tobacco." Meanwhile, the central bank still expects that "inflation will be close to the +2.0% target for the rest of this year."
  • CNB veteran Lubos Komarek told Bankovnictví magazine that the central bank had three strategies to choose from during the latest inflation episode: Swiss Matterhorn (rates steeply up, then steeply down), Czech Snezka (moderate hikes, then moderate cuts) and the South African Table Mountain (hikes to a certain level, then a relatively long hold, then cuts). He said that the decision to react quickly and raise rates early on was the right thing to do.
  • Main opposition ANO party is expected to finalise the expulsion of Chomutov Mayor Marek Hrabac from its ranks after he was accused of accepting bribes, manipulating public contracts, tax evasion and abuse of power.
  • The CNB will release June current account data at 09:00BST/10:00CEST with consensus looking for a CZK28.0bn deficit.
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