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Pullback Considered Corrective

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Holding Above Recent Lows

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BLOCK, Large 3Y Midcurve Put Condor

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  • In order to accelerate the vaccination campaign (slightly over 50% of the Czech population have received at least 1 dose of the Covid19 vaccine), Prime Minister Andrej Babis and Health Minister Adam Vojtechare scheduled to formally open new sites for Covid-19 vaccination without registration at shopping malls in the Czech cities of Ostrava and Brno (BBG).
  • Yesterday, economic data showed that PPI inflation rose slightly lower than expected by 5.9% YoY in June (vs. 6.1% exp.), up from 5.1% the previous month.
  • As opposed to Poland, which is trying to keep interest rates low in order to stimulate the economic recovery, the CNB has started a tightening cycle last month and is expected to raise its benchmark rate by another 25bps to 0.75% at its next meeting on August 5.
  • CPI inflation has been decelerating slightly in the recent two months and is currently standing below the 3% CNB upper tolerance band.
  • There are no important economic data to watch for the rest of this week.