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Government To Waive VAT On Energy

CZECHIA
  • The Czech government has authorized Finance Minister Alena Schillerova (ANO) to waive the value added tax (VAT) on energy for November and December, according to the ministry´s press release (BBG). It is estimated that a household that pays 1,000 CZK per month on electricity will save around 350 CZK on its November and December bill.
  • Growth expectations could start to fade again in Eastern Europe as governments are expecting to increase the restrictions in the coming weeks amid soaring Covid cases. Health Minister Adam Vojtech told reporters yesterday that face masks would be mandatory indoors as of October 25, including in workplaces, and restaurants and bars will start to check guests as of November 1.
  • USDCZK ticks higher this morning, still trading slightly below its 22 resistance; a break above that level would open the door for a move up to 22.07. On the downside, first support stands at 21.95, followed by 21.72 (50DMA).
  • Czech 10Y yield has been retracing slightly lower in the past few days after reaching a local high at 2.53% on Tuesday. ST resistance to watch on the topside stands at 2.56%; a break above that level would bring us to 2012 highs. On the downside, first support stands at 2.40%, followed by 2.35%.
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