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Economic Sentiment Falls To Lowest Level Since April 2021 Over Growing Uncertainty Over Covid

CZECHIA
  • Slightly expanded pandemic measures take effect on Monday to tackle the Czech Republic's exponential surge in Covid-19 inflections. Respirator masks become mandatory at all workplaces and indoor events (BBG).
  • The growing concerns over new restrictions in the near term have led to a decrease in business and economic sentiment, with economic sentiment indicator falling to its lowest level since April 2021.
  • Last week, CNB policymaker Holub said in an interview that he was supporting bigger rate hikes following the aggressive 75bps rate increase in September.
  • USDCZK ticks higher this morning, currently trading above the 22 level; ST resistance to watch on the topside stands at 22.09. On the downside, first support stands at 21.88, followed by 21.82.
  • Czech 10Y yield has been retracing higher this month, currently trading slightly below the 2.60% level; next resistance to watch stands at 2.74%. On the downside, first support stands at 2.50%, followed by 2.40%.
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