http://www.fxstreet.com/fundamental/market-view/central-european-daily/http://www.fxstreet.com/fundamental/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-11-06.htmlHeadlines Currencies: Koruna extends rally after CNB meeting and strong foreign trade data Fixed Income: CNB Bank Board narrowly voted for stable rates Czech Republic It has never happened that the CNB governor was outvoted during Bank’s Board meeting twice in a row. Yesterday, it was the case, because there were only three votes, which were for rate and we can be sure that the vote of CNB governor was among them (like in September). Hence, the majority of the Bank Board ignored bothFri, 06 Nov 2009 09:30:56 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-11-06.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-11-04.htmlHeadlines Currencies: Zloty and forint stay weaker Fixed Income: EC warns that Hungary may overshoot fiscal goals Czech Republic Could the signature of President Vaclav Klaus below the Lisbon treaty be the reason for koruna’s appreciation yesterday? Hardly, but the fact is that the Czech koruna has decoupled from its peers in recent days and it is hard to explain why. May be, one explanation could be found in carry trade deals, which had been established on PLN/CZK and HUF/CZK pairs in theWed, 04 Nov 2009 09:44:30 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-11-04.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-11-03.htmlHeadlines Currencies: Zloty and Forint ease in off-shore trading Fixe Income: Czech MinFin releases light issuance calendar for December Czech Republic The Czech koruna traded in a tight range at start of the week. There were no domestic drivers for price action, while the koruna decoupled from forint’s and zloty’s sell-off during yesterday’s off-shore trading. Naturally, the weakness of the remaining CE currencies still poses a risk for the koruna today. The Czech currency is currently in aTue, 03 Nov 2009 10:22:55 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-11-03.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-11-02.htmlHeadlines Currencies: Koruna trades at 5-month lows ahead the key CNB meeting Fixed Income: Is the Czech bond market ready for a negative correction? Czech Republic The EUR/CZK pair returned back to the 26.60 level on Friday as the story about the koruna didn’t change. The Czech currency traded close to its five-month lows, because of worse sentiment in global (risky) markets and market fears ahead of the upcoming CNB meeting. This will be the domestic eye-catcher of the week. Although theMon, 02 Nov 2009 09:47:00 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-11-02.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-30.htmlHeadlines Currencies: CEE currencies reverse losses on better US GDP figures Fixed Income: Czech finance ministry sees deficit at 6.6% of GDP Czech Republic The Czech koruna easily pared losses after stronger than expected US GDP. The pair came easily back below 200-day moving average (26.50) as well as 50% Fibonacci (26.30). If that is confirmed by the end of the week further potential for the losses should be limited. Today the better than expected industrial output (-11.9%) points toFri, 30 Oct 2009 09:11:29 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-30.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-29.htmlHeadlines  Currencies: CEE currencies under severe pressure on risk reversal Fixed Income: Polish central bank moves towards neutral stance Czech Republic The Czech koruna went through a pretty dramatic sell-off although equity markets were closed for the National holiday. The pair broke above the important technical barrier at 26.30 EUR/CZK (50% Fibonacci resistance and several lows during 2008). Furthermore it closed above the 200 day moving average (currently around 25.50 EUR/CZK). IfThu, 29 Oct 2009 09:30:38 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-29.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-28.htmlHeadlines Currencies: Czech markets closed for holiday Czech Republic The Czech koruna experienced a weak session and lost against the Euro on Tuesday. As no domestic events were released the domestic currency together with other Central European pears was influenced by higher risk aversion and lost. CNB member Mr Holman’s comments that he prefers current rate stability at the central bank meeting next week had no impact on the market. Nevertheless, trading volumes were weak ahead ofWed, 28 Oct 2009 09:43:55 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-28.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-27.htmlHeadlines Currencies: CE currencies finally in correction mode as global risk appetite weakens Fixed Income: CNB’s Holman pleads for stable rates, showing a rift inside the Board. Czech Republic The EUR/CZK pair has finally broken above the 26.0 figure as the evening sell-off in global equity markets hit the Czech currency. The koruna was not saved even by vicegovernor Holman, who quite openly said he would prefer stable official rates and showed satisfaction that the EUR/CZK pair had beenTue, 27 Oct 2009 09:27:53 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-27.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-26.htmlHeadlines Currencies: Hungarian forint faces modest profit taking Fixed Income: Czech parliament passes restrictive 2010 draft budget Czech Republic The Czech koruna was only little changed at the end of the last week as the only event was the vote on the 2010 draft budget in the Czech parliament. Recall that In its first reading, the Lower House of Czech Parliament passed the state budget for 2010, with a deficit of CZK 163bn (around 5.3 % of GDP in EU’s ESA95 accounting standards). TheMon, 26 Oct 2009 09:58:38 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-26.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-23.htmlHeadlines Currencies: EUR/CZK shortly above the 26.0 figure Czech Republic The EUR/CZK pair moved higher and even tested the 26.0 level on Thursday. Hence, the Czech currency once again failed to profit from the weak US dollar, which is usually supportive for emerging markets’ currencies. On the other hand, the EUR/CZK might have a problem to break above the 26.0 figure, because this level could look attractive for Czech exporters for FX hedging. Today, the domestic calendar is empty (if we doFri, 23 Oct 2009 08:32:09 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-23.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-22.htmlHeadlines Currencies: EUR/CZK pair tests the 26.0 resistance Fixed Income: Bond auctions in Czech Republic and Poland met strong demand Czech Republic The Czech koruna eased slightly yesterday, but faced more losses this morning as the EUR/CZK is currently testing the 26.0 figure. There were no events, which would declare the negative price action. Still, clearly the koruna underperforms the forint and the zloty, which were able to gain significantly in previous days. Interestingly, theThu, 22 Oct 2009 09:00:49 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-22.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-21.htmlHeadlines Currencies: EUR/PLN tests 4.15-level Fixed Income: Czech and Polish bond auction should face strong demand Czech Republic The Czech koruna lost some ground on Tuesday. After opening at EUR/CZK 25.730, the pair ended the day around 25.800. The domestic scene was without fresh statistics, hence the development of the currency pair was probably influenced by presentation of the CNB Vice-Governor M. Singer once again warning of the possible GDP downturn in mid-2010 after recovery lateWed, 21 Oct 2009 08:53:49 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-21.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-20.htmlHeadlines Currencies: Forint leads the rally of CE currencies Fixed Income: MNB Council cut by expected 50 bps, but discussed even 100 bps Czech Republic Yesterday, the Czech koruna strengthened slightly as it primarily tracked the forint. The koruna also benefited from weaker US dollar. As a result the EUR/CZK pair tested the 25.70 support level but failed to break below it. There is nothing on the domestic agenda today, hence the EUR/CZK pair will watch both the forint and the turns in theTue, 20 Oct 2009 08:43:15 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-20.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-19.htmlHeadlines Currencies: Forint is holding its gains ahead of the MNB interest-rate setting meeting Fixed Income: MNB is going to cut again – probably by 50 bps Czech Republic On Friday the Czech koruna strengthened up to EUR/CZK 25.705 by both the Prime Minister's announcement that the year’s deficit could reach 6.5% of GDP, i.e. slightly less than the Ministry of Finance had predicted, and lower aversion to risky assets. However, the trend reversed in the afternoon. Weaker-than-expected profitsMon, 19 Oct 2009 08:35:25 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-19.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-16.htmlHeadlines Currencies: CE currencies benefit from less political uncertainty in Romania Fixed Income: Poland and Czech Republic on track for a budget deficit of 6 % of GDP Czech Republic The Czech koruna firmed slightly from the EUR/CZK 25.900 level to 25.800. Lower risk aversion in Eastern Europe was the main reason not only for koruna's gains but the koruna should also erase losses against other regional currencies, which had been accumulated in previous days. In spite of another decline ofFri, 16 Oct 2009 08:32:29 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-16.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-15.htmlHeadlines Currencies: Zloty eases temporary on lower CPI and postponement of privatization Fixed Income: The Polish inflation came out flat month-on-month in September Czech Republic The Czech currency moved sideways in a narrow band 25.8-25.9 EUR/CZK yesterday. The koruna didn't benefit from the ongoing positive atmosphere towards risky assets because of another dovish comment from the Czech central bank. Vicegovernor Singer emphasised strong non-inflationary pressures in the economy and heThu, 15 Oct 2009 08:31:17 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-15.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-14.htmlHeadlines Currencies: Contagion from Romania put CE currencies temporary under pressure Fixed Income: Polish inflation probably declined further in September Czech Republic The Czech koruna together with other Central European currencies lost slightly on Tuesday and the currency pair EUR/CZK closed a little below ERU/CZK 26.00. Worries about possible CNB actions against the koruna were reinforced by a decline of the Romanian lei after the government did not survive non-confidence vote. TheWed, 14 Oct 2009 08:35:37 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-14.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-13.htmlHeadlines Currencies: Zloty and forint try to reverse their previous losses Fixed Income: Unexpectedly low inflation support rate-cut expectations in Hungary Czech Republic The Czech koruna firmed slightly yesterday. Beside the ongoing bullish sentiment in global risky markets, the other reason for currency gains was the better-than-expected August C/A figures. The monthly deficit came at CZK 8.4bn level, supported not just by a lower import bill (cause by lower oil prices) but also by lowerTue, 13 Oct 2009 08:30:52 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-13.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-12.htmlHeadlines Currencies: CE currencies still under modest downward pressure Fixed Income: Polish MinFin successfully sell EUR 910bn worth of euro-bonds Czech Republic The Czech koruna extended its losses, which were brought by the current central bank dovish stance together with some kind of contagion from Latvia (and devaluation threat there). Hence, the EUR/CZK pair finished the week just bellow the 26.0 level. Although, the koruna did not react to the September inflation readings (theMon, 12 Oct 2009 08:50:17 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-12.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-09.htmlHeadlines Currencies: CEE currencies hit by Latvian fear Fixed Income: Czech CPI dips in negative territory, governor sees monetary easing Czech Republic The Czech koruna remained under downward pressure and extended its losses yesterday. The koruna still has to cope with the ongoing dovish campaign of the central bank. In this respect it was interesting to read an interview with the CNB governor Tuma, who said there are six or seven possible ways to relax monetary policy for correcting anFri, 09 Oct 2009 08:23:27 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-09.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-08.htmlHeadlines Currencies: Threat of Latvia’s devaluation weighs on CE currencies Fixed Income: Strong bids in Czech bond auction supported by CNB’s dovish talk Czech Republic The Czech koruna extended its losses yesterday despite quite favourable August foreign trade figures (surplus CZK 10.8 bn). There were probably two reason why the EUR/CZK pair moved further north and reached the five-week high of 25.76. Firstly, the market remains terrified by verbal interventions from CNB governor Tuma andThu, 08 Oct 2009 08:40:11 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-08.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-07.htmlHeadlines Currencies: CNB can use more than one tool to ease the policy according to vice-governo Fixed Income: Czech 15-year auction in focus Czech Republic The Czech koruna continued to decouple from its regional peers as the CNB stepped up its dovish talk yesterday. A 25 bps rate cut looks like a done thing on the November central bank meeting. On top of that, the bank is apparently considering other ways how to ease its policy further. Vice Governor Miroslav Singer said there might be aWed, 07 Oct 2009 08:43:09 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-07.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-06.htmlHeadlines  Currencies: Czech central bank may intervene against the koruna Fixed Income: Further rate cuts are not excluded according to Czech governor Czech Republic The Czech koruna received another hit from central bank governor Tuma, who did not rule out a direct forex intervention against the currency yesterday. As a result the EUR/CZK pair bounced above the 25.50 level.\par Clearly, the governor knows that with the strong currency the inflation outlook becomes so bright that theTue, 06 Oct 2009 08:54:06 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-06.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-05.htmlHeadlines Currencies: Forint lifted by S&P outlook upgrade for Hungary Fixed Income:  CNB sends more signals about further possible easing Czech Republic The Czech koruna decoupled from the rest of region and weakened on Friday as dovish signals form the Central Bank’s Board intensified. First, the CNB Minutes surprisingly revealed that governor Tuma and voce-governor Singer voted for a rate cut on the last interest-rate setting meeting. On top of that, this morning theMon, 05 Oct 2009 08:23:25 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-05.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-02.htmlHeadlines Currencies: All CE currencies weaken as risk aversion returns Fixed Income: Czech central bank governor surprisingly voted for a rate cut Czech Republic The Czech koruna shrugged off the better-than-expected flash estimate for the August industrial production and tracked the rest of region lower. Recall that Industrial production fell y/y by an estimated 8.1% in August, after dropping by 18.2% in July, 11.8% in June and 21.3% in May. This positive news was, however, counterbalancedFri, 02 Oct 2009 08:39:26 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-02.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-01.htmlHeadlines Currencies: Czech carmaker considers return to four-day work-week Fixed income: Polish central bank closer to neutral bias Czech Republic The Czech koruna lost significantly on weakness in the Chicago PMI and subsequent sell off on the risky assets markets. The pair shot as high as 25.32 EUR/CZK. Today, the pair should eye the emerging market sentiment in the light of US ISM release. Mixed news from the domestic scene should not play a big role. Škoda Auto, the biggest CzechThu, 01 Oct 2009 08:24:56 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-10-01.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-30.htmlHeadlines Currencies: Polish zloty nervous on debt talks Fixed income: Czech finance ministry scales down outlook for 2010 Czech Republic The Czech koruna continued to move sideways despite some bearish signals from the local Ministry of Finance. It reduced the 2010 GDP growth forecast to a negative reading of 0.5%. The calm reaction of the market could be explained by the fact that the MinFin’s estimate for GDP is very conservative to meet a target for the 2010 budget deficit. We appreciateWed, 30 Sep 2009 08:33:19 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-30.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-29.htmlHeadlines Currencies: Polish zloty holding close to EUR/PLN 4.21 resistance Fixed income: Czech Parliament passes 2010 budget with deficit of 5.2% GDP Czech Republic Given a national holiday on Monday, the Czech markets open the week today. Hence, although the koruna was traded off-shore it remained unchanged yesterday. Both the forex and the fixed income market should welcome the fact that Parliament approved a package of tax hikes and benefit cuts on Friday. They will imply a reduction ofTue, 29 Sep 2009 08:26:50 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-29.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-25.v02.htmlHeadlines Currencies: Koruna eases as CNB sounded dovish while the budget is not a done deal Fixed income: CNB on hold, but two Board Members voted for a rate cut Czech Republic The Czech koruna eased as the Czech central bank sounded dovish and as the Parliament has been unable to approve an austerity budget submitted by the interim government. As a result the EUR/CZK pair bounced above the 25.20 level at the end of the session. As concerns the CNB meeting, the bank left interest ratesFri, 25 Sep 2009 08:25:31 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-25.v02.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-24.htmlHeadlines Currencies: Czech koruna welcomes political agreement on lower budget deficit  Fixed income: Czech central bank to stay on hold even though the inflation outlook is improving Czech Republic Yesterday, the Czech koruna initially was in a see-and-saw mode. The koruna even lost some ground. Later on, the koruna reversed most of its earlier losses as a political agreement on the 2009 budget had been reached. The heads of the main political parties agreed on changes to FinanceThu, 24 Sep 2009 10:36:38 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-24.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-23.htmlHeadlines Currencies: Polish zloty fails to track equities rally Fixed Income: Uncertainty around Czech budget prevails Czech Republic The Czech koruna still pays little attention to the ongoing debate about the 2010 budget draft and related talks about proposals of austerity measures. So the koruna moved again sideways in a relatively tight range close to the EUR/CZK 25.1. Given the empty domestic calendar the koruna will focus on core market as the calendar is definitely more interestingWed, 23 Sep 2009 08:40:24 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-23.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-22.htmlHeadlines Currencies: Czech FinMin is hedging Eurobond emission Fixed Income: Fitch warns of Debt spike in Central Europe Czech Republic The Czech koruna was only little changed yesterday despite several interesting news items. First, Fitch kept the CR’s credit ratings and stable outlook unchanged but warned that the CR and other countries in the region risk a downgrade if their public finances are not consolidated. Fitch expects the country’s debt-to-GDP ratio to rise in 2010 to 40.8%, whichTue, 22 Sep 2009 08:30:32 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-22.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-21.htmlHeadlines Currencies: Czechs seek budget compromise for 2010 Czech Republic The Czech koruna kept its previous gains as bullish sentiment in emerging markets remained in place. Moreover, the market received some encouraging news from the Czech Finance Ministry. Recall that minister Janota said that the draft for the 2010 budget could be based on a CZK 157bn (around 5.2 % of GDP) deficit after Friday’s meeting with political parties, unions and employers’ representatives. This would be a greatMon, 21 Sep 2009 08:40:10 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-21.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-18.htmlHeadlines Currencies: Construction fuels Polish recovery Fixed income: Czech FinMin plans Eurobond issue Czech Republic The Czech koruna reached fresh highs against the euro and dollar yesterday as positive sentiment in emerging markets allowed the koruna to firm further. As a result the EUR/CZK slipped below the psychological 25.0 level, but the period in which the pair was staying in the 24 area was really short-lived. Still, the recent price action of the koruna clearly showed that theFri, 18 Sep 2009 09:02:22 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-18.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-17.htmlHeadlines Currencies: Czech koruna leads regional gains attacking the EUR/CZK 25.00 barrier Fixed Income: Polish wages grew slower than expected Czech Republic The Czech koruna ignored the Political turmoil yesterday. The delay of early elections was finally taken rather positive as it is legally a more certain way and it raises chance of budget compromise for 2010. Also rather hawkish comments from otherwise dovish board member Pavel Rezabek could have supported the koruna. Nevertheless it isThu, 17 Sep 2009 08:46:54 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-17.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-16.htmlHeadlines Currencies: Czech koruna shrugs off confusing politics and firms Fixed Income: Polish wages should show more signs of slowdown Czech Republic Czech politics becomes more and more exiting, but confusing too. Yesterday, the key political force - Social Democrats (ČSSD) announced that they were withdrawing their support for legislation to enable early parliamentary elections to be held in November of this year. The lower house of Parliament then decided not to vote on the early electionWed, 16 Sep 2009 08:52:27 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-16.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-15.htmlHeadlines Currencies: The koruna should monitor whether Parliament dissolves itself Fixed Income: Polish inflation expected to stay at elevated levels Czech Republic The Czech koruna developed a sideways trading pattern yesterday, as it is quite usual in these days. The koruna shrugged off both the July retail sales and dovish central bank talk and the EUR/CZK pair continued to hover around the 25..500 level. Today, the main domestic event will be the debate in Parliament this afternoon.Tue, 15 Sep 2009 08:52:04 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-15.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-14.htmlHeadlines Currencies: CEE currencies lose ground as Lehman anniversary approaches Fixed Income: Czech central banker cools rate hike expectations Czech Republic The Czech koruna temporary decoupled from the weakening zloty on Friday as the EUR/CZK shortly dipped to the 25.45 territory. It’s really hard to find factors which moved the koruna, because the currency definitely shrugged off all domestic figures (particularly the August C/A balance), which were in line with consensus. Today, theMon, 14 Sep 2009 09:58:23 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-14.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-11.htmlHeadlines Currencies: Czech Constitutional court rules out shortening of the election period Fixed Income: Polish governor warns credibility hinges on ballooning deficit Hungary The Hungarian forint continued its easing trend on Thursday and the pair slid to as low as 273.50 at noon after demand for bond auctions appeared low. The USD drop helped the forint to recover to around 272.00 overnight, but this morning’s betterthan- expected CPI data could keep the currency vulnerable towards furtherFri, 11 Sep 2009 08:38:39 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-11.htmlhttp://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-10.htmlHeadlines Currencies: Forint steady despite huge improvement in foreign trade Fixed Income: Opinions among CNB’s Board members diverge Czech Republic Although, the koruna tried to firm intra-day it finished almost unchanged at the end of yesterday’s session. Interestingly, the currency market faced a lot of central bank talk, which however sent mixed signals as it showed aclear divergence among Czech rate setters. While CNB’s vice-governor Singer indicated in its presentation on the centralThu, 10 Sep 2009 08:47:36 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/central-european-daily/2009-09-10.html