Central European currencies experienced rather calm session on Monday due to the banking holiday in London and despite increasing risk appetite closed barely changed.
Although the Czech koruna has outperformed the rest of the region in recent weeks, we maintain our view that comparisons with the Swiss franc might be still rather misleading. We think that investors who bet on the third round of QE are at this stage overly optimistic and that they might be disappointed. Such a piece of news should in general not play in favour of CE currencies. Regarding the QE discussions, markets will focus on the release of Minutes from the latest FOMC meeting today.