Czech bonds aimed at north at the beginning of the shorter week. However, they changed the direction very soon and yields were pushed up in low trade volumes. The state budget deficit published in the afternoon had only negligible influence on the market. No important domestic events are planned for today. The market should follow the EMU bond market, which might get more volatile ahead of tomorrow’s ECB meeting and especially Mr. Trichet’s press conference.
(CSOB - Investment research)