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Morning Summary: CZK Remains Strong Against Major Crosses Despite Rising Uncertainty

CZECHIA
  • Covid cases continue to drop with the 7D SMA of daily new cases falling from 3,100 to 2,500 in the past week (and down from 12,300 from its early March highs). Therefore, Czech Republic will start to gradually lift restrictions from May 3, reopening shops, markets and some services.-
  • President Milos Zeman is expected to meet PM Babis at 5pm (London time) to potentially debate the recent diplomatic spat with Russia. The Czech President recently mentioned that his country should not be 'quick to punish Russia' over allegations of a 2014 ammunition blast, which triggered the worst diplomatic dispute between Moscow and Prague in decades (BBG).
  • We saw that to the exception of Czech equities that consolidated slightly the previous week, Czech assets have remained firm despite rising uncertainty with the Koruna appreciating against most of the major crosses.
  • Next important data to watch this week is the first estimates in Q1 GDP on April 30, which is expected to contract by -2.6% YoY following a 4.8% drop in Q4 2020.
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