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Prochazka Sees No CNB Rate Cuts Until ECB Stops Hiking, Another Round Of Data Disappoints

CZECHIA
  • CNB's Jan Prochazka told CNN Prima News that the central bank will start discussing the potential timing of lowering interest rates at the September meeting of the Bank Board, adding that below-forecast Q2 wage data increased the odds of rate cuts. Prochazka noted that the CNB will take into consideration the actions of major central banks and he "can't imagine that we would start lowering rates while the ECB would be still going up".
  • In an interview with Mlada Fronta Dnes, President Petr Pavel criticised the government for giving him too little time to study legislation amending pension laws, which forced him to delay his signature. Pavel added that going forward he would like to consult with key opposition politicians, not just government officials.
  • The CZSO released another batch of July macroeconomic data, which came in softer than expected, potentially supporting dovish CNB views:
    • Industrial Output -2.9% Y/Y (Bloomberg est. +0.6%)
    • Construction Output -2.1% Y/Y (no Bloomberg est.)
    • Trade Balance -CZK5.9bn (Bloomberg est. +CZK2.6bn)
  • Later today, parliament will continue the debate on the government's fiscal consolidation package. The opposition ANO and SPD parties prepared almost 100 amendments, trying to prolong the debate.
  • Elsewhere, the Finance Ministry will auction CZK13bn of bonds maturing in 2029, 2032 and 2035.
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