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Traders Continue To Chase CZK As CNB Prepares For Tightening

CZECHIA
  • Covid cases continue to gradually decrease with the 7D SMA of daily new cases dropping to 900 (down from 12,300 from its early March highs). This morning, the government is expected to discuss the current pandemic situations and face mask requirements for the summer months.
  • On Wednesday, we heard CNB policymaker Ales Michl said that the central bank is likely to tighten its recommendations for mortgage-approval standards as part of its financial-stability policies; Michl is in favor of increasing the minimum cash down-payment from 10% to 15% or 20% according to Bloomberg.
  • As a reminder, CNB is expecting to start a tightening cycle in H2 with a first hike price in for as early as August, which therefore has led to an appreciation of the Czech koruna in the past 2 months. The CZK is up over 7% against the USD since the start of April.
  • There are no major economic data coming out today.
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