Czech bonds were little changed yesterday. It led to another slight widening of CZK-EUR yield spread, as euro bonds continued to rise. The market was thin again. There was no domestic incentive.
Today domestic calendar is empty, but agenda in Germany and U.S. looks interesting. Ifo business climate may push euro market lower and Czech market might follow suit. Even U.S. consumer confidence might be negative for markets in the afternoon. Hence we put the risk the market to move lower.
ČSOB - Investment Research