The Czech bonds started the week with calm session. The market was still absorbing the minutes of CNB (last Friday) that has practically ruled out the possibility of a rate cut. Therefore mainly short-term yields were growing, while the long end of the yield curve stayed without any major changes. Today’s trade balance should not have any significant impact on bonds. Investors should more likely wait for CPI (tomorrow) and GDP figures (Thursday), both of which should have rather negative impact on bonds. For today the bonds should track developments on the core markets, where calmer session is expected as well.