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  • Czech President Milos Zeman was taken back to hospital after testing positive for Covid-19, delaying the appointment of new Prime Minister-designate Petr Fiala originally planned for Friday (BBG).
  • The Czech government declared the state of emergency amid soaring Covid cases in recent weeks.
  • New Covid cases has surged to a new record high recently, pushing Czech officials to reimpose new restrictions to limit the downside risk of a fourth wave of infections.
  • The rise in Covid uncertainty combined with the sharp increase in ST rates and the inversion of the yield are pricing in further deceleration in the economic activity.
  • Selling pressure on CZK could continue to remain elevated against the USD as worsening outlook should support 'safe' assets such as the US Dollar.