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Weekly CZK Report - It´s all about Greece

Weekly CZK Report - It´s all about Greece

20.6.2011 9:32
Autor: Tomáš Vlk, Patria Finance

High uncertainty about Greece kept markets nervous during the week. The last Eurogroup meeting failed to bring a solution because of different views of the key players. However, German chancellor Merkel and French president Sarkozy later found a common position. They want to involve private bond holders in the rescue plan. The involvement will be on a voluntary basis, similar to the Vienna plan used in 2009. This is important progress, although they still must find support from the ECB. Another key point is the stance of rating agencies. But, the plan will likely be tuned yet in order to avoid a credit event.

Meanwhile, Greek initiative to form a coalition government between the main parties failed. The current government thus announced some personnel changes and will ask for confidence in the Parliament. Moreover, the protests in streets intensified. This means that the country will need more time to find wider support for the new austerity measures.

According to the last comments of the EU representatives, Greece will probably get some necessary amount of money in July. The Eurogroup is meeting on weekend and should approve it. This would give the Greek government more time to deliver the necessary measures and the EU would have more time to reach an agreement about the rest of the rescue package.

Although previous news failed to temper worries, the last progress is seen as promising. As risk appetite has somewhat improved at the end of the week, all equities, oil, the euro and the CE currencies have pared their previous losses. Another boost will likely come after the money for Greece is approved.

Last data from the US economy were disappointing. Both Empire Manufacturing and Philly Fed indices dropped below zero and also consumer confidence decreased more than expected. Other data were decent, but the overall picture has further worsened. This is another negative factor for the markets, although currently outshone by the Greek issue.

The Czech macro figures did not bring much surprise. The current account balance worsened in April, which was expected. The headline figure was somewhat below the forecast but the difference is not significant compared with the previous volatility of the indicator. The PPI eased in May; the figures were slightly above expectations. The inflation is still driven mainly by its volatile components - fuels were replaced by food. That is why the figures themselves are not a reason for an immediate reaction of the central bank, even though the 6 pct y-o-y growth is already quite high.

The CNB will decide on rates next week. We expect no change. Consumer prices accelerated more than expected, but on the other hand real economy data are worsening in both the Eurozone and the Czech Republic. We therefore stick to our estimate that the rates will be lifted in the 3Q. As the hike is approaching the next week´s meeting will be interesting as it may hint about the exact timing. It may therefore influence the koruna.

However, external factors should still be more important. Greece remains the number one topic with a great potential to show markets direction. Also the Eurozone and German soft macro data will be important after the series of negative surprises from the US. The German figures will also tell about the Czech economic prospects and thus can be an influence on the koruna.


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