Hawkish statement suggests Czech koruna policy to end soon

The upwards revisions to the Czech National Bank’s inflation forecasts and the relatively hawkish post-meeting press conference reinforce our view that the Council’s koruna cap policy will end fairly soon. We think that the MPC meeting on 4th May is the most probable date for the removal of the ceiling, with the Czech koruna likely to strengthen by around 5-6% against the euro after that.

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