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Koruna Weakens, PM Fiala Flies To Poland

CZECHIA
  • EUR/CZK gained for the second consecutive day yesterday, breaking above 23.9, which came after CNB Deputy Governor Eva Zamrazilova's dovish comments earlier this week. CSOB attributed the move to a sharp correction to the domestic yield curve driven by a spillover from core markets, as well as "a series of dovish macro figures and a convincingly established disinflation trajectory" in Czechia. According to CSOB, "the result are growing market bets on a drop in CNB interest rates - by more than 100bp by the end of this year." They believe that these bets are overdone, which should "partially dampen the selling pressure on the koruna in the future."
  • Prime Minister Petr Fiala leads a delegation to Poland, where he will meet with his local couterpart Mateusz Morawiecki. The two leaders will discuss support for and reconstruction of Ukraine, bilateral cooperation in the areas of energy and infrastructure, as well as the current EU agenda.
  • The CNB holds its weekly non-monetary policy meeting today. No announcements are expected.
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