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Labour Unions Demand Salary Hikes, CNB's Frait Speaks On Unconventional MonPol

CZECHIA
  • Head of Czechia's largest labour union said that local trade unions will demand salary increases of 8%-10% to compensate workers for elevated inflation, which is biting into their purchasing power.
  • Patria Finance Chief Economist Jan Bures told Hospodarske Noviny that if the koruna continues to weaken, the central bank could be expected to delay lowering interest rates, given that the exchange rate belongs to the CNB's monetary policy toolbox.
  • Czechia released a suite of economic data this morning:
    • September unemployment rate 3.6% (est. 3.6%)
    • August industrial output -1.7% Y/Y (est. -2.9%)
    • August trade balance -CZK3.8bn (est. -CZK4.0bn)
    • August construction output -0.2% Y/Y
  • CNB Deputy Governor Jan Frait will speak at a seminar on unconventional monetary policy at 14:00BST/15:00CEST.

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