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- Last week, economic data showed that Czech inflation slowed in May to 2.9% YoY (vs. 3.1% exp.), down from 3.1% the previous month.
- Czech policymakers have hinted the market that the CNB will start raising rates this summer, with some participants pricing in a hike as soon as this month at the June 23 meeting. We think that CNB will start its normalisation as expected in August following the downtick in CPI.
- CNB Deputy Governor Marek Mora will speak about inflation and interest rates at online conference at 1pm (London time).
- USDCZK has been testing its 21 resistance in the past few days; a break above that level would open the door for a move up to 21.19 (50D SMA). On the downside, first support to watch stands at 20.72, followed by 20.50.
- Czech 10Y yield continues to gradually retrace lower after breaking below its 100D SMA earlier this month; next support to watch stands at 1.60%. On the topside, first resistance stands at 1.72% (100D SMA), followed by 1.77% (50D SMA).