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EUR/CZK Edges to New Daily Lows as Vote Split Errs Hawkish

CZECHIA
  • The policy statement from the Czech National Bank errs hawkish as the board was split 5 - 2, with the minority opting for a further rate hike. This is marginally against expectations that the split could soften toward unchanged with a 6 - 1 division. (Prochazka had been seen as the most likely to switch sides).

The CNB statement writes that:

  • Rates will remain relatively high for a longer period, and will decide at the next meeting whether rates will be unchanged or hiked
  • Inflation risks stem from: fiscal policy, threat of inflation expectations becoming unanchored and a related risk of a wage price spiral
  • Meanwhile downside risks include further strengthening of the downturn across consumer and investment demand
EUR/CZK edges to new daily lows on the statement, touching 23.7221 before bouncing.
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