CZECHIA: CNB Say Q2 GDP Figures In-Line with Central Bank Forecast
Aug-29 11:03
The CNB comments on the GDP figures for 2025 Q2:
- As expected, the Czech economy continued to grow apace in 2025 Q2.
- The concerns that the growth in exports in Q1 would be fundamentally affected by stockpiling by European exporters ahead of the introduction of US tariffs did not materialise. The data for Q2 indicate that the key factor is a broader and gradual recovery of the European economy.
- Overall, the result for Q2 is in line with the CNB’s forecast, according to which the Czech economy will expand by 2.6% this year due to a recovery in domestic demand.
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GILTS: Extending further gains, Yield levels are in focus
Jul-30 11:02
- Since the Gilt contract continues to see some demand and outperforms EGB futures, some will start to look at the 4.558% Yield, this was the low print on the 15th July.
Rate and Swap Desks will likely look at more rounded numbers, and today, reference 92.04:
- 4.55% = 92.32.
- 4.50% = 92.76.
MNI: US MBA: MARKET COMPOSITE -3.8% SA THRU JUL 25 WK
Jul-30 11:00
- MNI: US MBA: MARKET COMPOSITE -3.8% SA THRU JUL 25 WK
FOREX: EURGBP Inching Below 20-day EMA; G10 Trends Subdued Ahead of Busy Cal
Jul-30 10:59
EURGBP continues to inch below support at the 20-day EMA at 0.8649 (-0.15% today), which was pierced yesterday. We have noted that Monday’s price pattern - a bearish engulfing candle - signals scope for a potential short-term reversal. Clearance of the 20-day EMA would reinforce this view, exposing the 50-day EMA at 0.8584.
- For bulls, a move through 0.8769, the Jul 27 high, would confirm a resumption of the uptrend.
- G10 trends have been relatively subdued through the European morning, with EUR and GBP volumes below recent averages ahead of today’s heavy North American calendar (covered elsewhere). Sterling is nonetheless second in the G10 leaderboard today behind JPY.
- Although Eurozone Q2 GDP was a touch stronger-than-expected at 0.1% Q/Q (vs 0.0% cons), it’s worth remembering that the EU-US agreement struck over the weekend will still exert a toll on regional growth going forward. This has likely been a headwind for the single currency this week, despite the reduction in near-term trade policy uncertainty.
