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CZECHIA: Koruna Ticks Lower As Inflation Stays Within CNB's Tolerance Zone

CZECHIA
EM BulletBulletEmerging Market NewsCentral and Eastern EuropeCzechia
  • The expected acceleration in Czechia's headline inflation was milder than expected, despite a temporary boost from base effects in certain categories. The rate printed at +3.0% Y/Y, hitting the upper end of the CNB's tolerance band, while both analyst consensus and the central bank projected an increase beyond that threshold to +3.3% Y/Y. Sequentially, prices unexpectedly fell by 0.3% M/M, missing Bloomberg median estimate of +0.1%. The koruna took a hit amid a round of dovish CNB repricing.
  • CNB Deputy Governor Eva Zamrazilova will speak at a joint briefing with the CZSO chief at 09:00GMT/10:00CET, commenting on inflation data. Later in the day, CNB staff will release their comments on the latest inflation outturn and a detailed breakdown of the data (including core and monetary policy relevant inflation) at 12:00GMT/13:00CET.
  • President Petr Pavel told Czech Radio that he will likely set the date for the next parliamentary election for the second half of September. The poll must be held before October 3-4, while Pavel said that it would be better if the election was not held too close to the summer school holidays ending on August 31.
  • Czechia's ex-auto retail sales expanded by 4.3% Y/Y in November, missing the consensus forecast of +4.5%. The previous reading was revised to +5.1% Y/Y from +5.5%.
  • Current account balance for December will be published at 09:00GMT/10:00CET.
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  • The expected acceleration in Czechia's headline inflation was milder than expected, despite a temporary boost from base effects in certain categories. The rate printed at +3.0% Y/Y, hitting the upper end of the CNB's tolerance band, while both analyst consensus and the central bank projected an increase beyond that threshold to +3.3% Y/Y. Sequentially, prices unexpectedly fell by 0.3% M/M, missing Bloomberg median estimate of +0.1%. The koruna took a hit amid a round of dovish CNB repricing.
  • CNB Deputy Governor Eva Zamrazilova will speak at a joint briefing with the CZSO chief at 09:00GMT/10:00CET, commenting on inflation data. Later in the day, CNB staff will release their comments on the latest inflation outturn and a detailed breakdown of the data (including core and monetary policy relevant inflation) at 12:00GMT/13:00CET.
  • President Petr Pavel told Czech Radio that he will likely set the date for the next parliamentary election for the second half of September. The poll must be held before October 3-4, while Pavel said that it would be better if the election was not held too close to the summer school holidays ending on August 31.
  • Czechia's ex-auto retail sales expanded by 4.3% Y/Y in November, missing the consensus forecast of +4.5%. The previous reading was revised to +5.1% Y/Y from +5.5%.
  • Current account balance for December will be published at 09:00GMT/10:00CET.