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Koruna Ignores CNB Inflation Comments After Fleeting Reaction To Russian Missile Headlines

CZK

EUR/CZK has ignored the central bank's comments on the January inflation figures published today. The pair last deals +0.004 at CZK23.706, remaining in the vicinity of 15-year lows.

  • The central bank said that annual inflation "was just 0.1 percentage point lower than the CNB’s winter forecast," as "administered prices rose somewhat more slowly than predicted." In addition, "core inflation recorded a sharper slowdown compared with the forecast, whereas food prices increased more rapidly."
  • As a reminder, inflation accelerated to +17.5% Y/Y in January from +15.8% recorded in December, exceeding the +17.1% consensus forecast.
  • The brief spike in EUR/CZK this morning was caused by reports suggesting that a Russian missile may have crossed over Romania, which was later denied by Bucharest. The likes of PLN and HUF came under pressure in sympathy with CZK.
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