EUR/CZK trades +0.024 at 25.349 after easing off its intraday high of 25.449. The electoral victory of Donald Trump in the US keeps CE3 FX under pressure amid lingering geopolitical concerns. From a technical standpoint, a clearance of Aug 1 high of 25.535 would signal that bulls remain in control. Bears look for a retreat past the 50-DMA, which intersects at 25.208.

• Czechia's Finance Ministry cut its 2025 GDP growth forecast to +2.5% Y/Y from +2.7% predicted in August. The Ministry warned that the risks to the forecast are skewed to the downside, due to potential supply chain disruptions and continued weakness of the German economy.
• Czechia's industrial output rose by 3.9% Y/Y in September, topping the +2.4% median estimate. Trade surplus widened to CZK21.3bn, slightly less than expected. Construction output fell by 7.1% Y/Y, with Komercni banka calling it a "big disappointment" and pointing to the adverse impact of weather conditions.
• The Czech National Bank will announce its monetary policy decision tomorrow at 13:30GMT/14:30CET and is expected to cut the two-week repo rate by 25bp.
• CZGB yields have ticked lower across the curve. The PX Index refreshed cyclical highs at 1,684 and last sits 0.6% above neutral levels.