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President To Address Lawmakers on 2022 state budget

CZECHIA
  • This morning, President Milos Zeman is expected to address lawmakers before the start of the debate on the 2022 state budget (BBG).
  • We previously saw that while the geopolitical uncertainty and the on-going dispute with the EU block have been weighing on Hungary and Poland equities in recent weeks, Czech equities have experienced a much lower volatility with PX index constantly reaching new highs.
  • PX Index is now up 110% since its low reached in March 2020, and has been recently trading at its highest level since August 2008
  • Czech appears as one of the most expensive market among the EM world using either our value scoring method or z-score P/B approach.
  • EURCZK has been retracing slightly higher in recent days, currently trading below the 24.40 level. Preference for the CZK (relative to major crosses) has eased in recent weeks following the strong appreciation in the past 18 months. ST resistance to watch on the topside stands at 24.50, followed by 24.63 (50DMA).

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