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CZK Strengthens Amid 'Hawkish' Comments From CNB Deputy Governor Nidetzký

CZECHIA
  • Yesterday, CNB deputy governor Tomáš Nidetzký mentioned in an interview that he favors 'relatively fast' hikes and is backing a rate hike on August 5 meeting.
  • Market is pricing in a 25bps hike at the next meeting, which would raise the benchmark rate to 0.75%.
  • Next important data to watch will be GDP Q2 first estimate coming out on July 30; growth in expected to rebound to 9.2% YoY (vs. -2.4% in Q1).
  • USDCZK has been retracing lower in the past two days and is currently testing its 100DMA at 21.47; a break below that level would open the door for a move down to 21.33 (50DMA). On the topside, first resistance stands at 21.86, followed by 21.92.
  • Czech 10Y yield ticks higher this morning, currently trading slightly below its 50DMA at 1.69%; next resistance to watch on the topside stands at 1.74%. On the downside, first support stands at 1.60%.
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