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Unemployment Rate Falls To 3.6% in August

CZECHIA
  • This morning, economic data showed that Czech unemployment rate ticked down by 0.1% to 3.6% in August, and industrial production rose more than expected in July by 1.1% YoY (vs. 0.7% exp), down from 11.4% the previous month.
  • Next key data to watch will be August CPI inflation, which is expected to accelerate to 3.6% (vs. 3.4% the previous).
  • Last week, CNB Governor said in a interview that he 'cannot rule out' a bigger than 25bps hike in the coming meetings if the central bank's new inflation forecast indicates that such move is needed.
  • USDCZK has been receiving support at its 100DMA (21.85) in the past few days; a break below that level would open the door for a move down to 21.16. On the topside, first resistance stands at 21.52 (200DMA), followed by 21.63 (50DMA).
  • Czech 10Y yield continues remain flat, trading slightly below the 1.80% level; next resistance to watch above that stands at 2%. On the downside, first support to watch stands at 1.74% (100DMA), followed by 1.72% (50DMA)
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