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Expectation-Beating CPI Has Little Impact On Koruna

CZK

EUR/CZK changes hands +0.011 at CZK24.309, having unwound its initial upswing. A break above the 50-DMA/Nov 25 high at CZK24.418/24.426 would open up scope for further appreciation, while bears keep an eye on Nov 8 low of CZK24.244.

  • Local-currency bonds are generally slightly softer across the curve. Yields advanced after the release of Czech CPI data, albeit it occurred in sync with similar moves in Poland and Hungary.
  • The PX index trades ~0.3% worse off on the day. In regional peers, Poland's WIG20 is firmer, while Hungary's BUX has lost some altitude.
  • While headline inflation accelerated to +16.2% Y/Y last month from +15.1% prior, exceeding the +15.8% consensus forecast. The central bank will release its estimate of core CPI and comments on the inflation reading later today. The headline print stayed below the CNB's projection thanks to energy subsidies rolled out by the government.
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