CZK: Close call as to when CNB will hike - ING

Sandeep Kanihama FXStreet Contributor

Analysts Jakub Seidler and Petr Krpata at ING expects a 25bps hike either this week or at the Nov meeting, but see greater odds of the latter (60% probability of a hike in a Nov vs. 40% of a hike on Wed).

Key Quotes

“This isn’t necessarily for fundamental reasons but rather due to the publication of the CNB’s Inflation Report and a new set of forecasts at the November meeting. In terms of trade ideas, we position for a narrower 9x12 PLN-CZK FRA spread, with markets underestimating the pace of the CNB hiking cycle over the next 9 months – while overestimating the scope for NBP hikes.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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