Slightly positive atmosphere dominated to the thin market, but 10-year benchmark (3.8/2015) fell, because it is volatile ahead of tomorrow’s auction. The Finance ministry will offer papers worth CZK 7 bn and we expect a large demand. Moreover the market will wait also for fresh economic data due tomorrow and Thursday. They might be supportive for the market, as inflation may slide to 17-month low and economic growth may slightly lose momentum. Nevertheless, the market might be dormant today because the core market will be waiting for appearance of Fed chairman Alan Greenspan in the Congress on Thursday.
(CSOB - Investment research)