CZECHIA: CNB Keeps CCyB Rate On Hold, MPs To Approve Labour Code Amendments
Mar-07 08:20
- Lawmakers are expected to approve amendments to the Labour Code which would make the jobs market somewhat more flexible. If the proposed amendments become law, the notice period would start at the delivery of the notice rather than at the beginning of the following month, while the probationary period would be extended by a month. According to iDnes.cz, ODS and TOP 09 do not currently have the vote to push an amendment allowing for dismissal without a reason through parliament amid a continued pushback from their coalition partners KDU-CSL and STAN.
- The Czech National Bank (CNB) left the countercyclical buffer (CCyB) rate unchanged at 1.25% and noted that the "Czech economy is in the growth phase of the financial cycle and the estimated level of cyclical systemic risks in the banking sector’s balance sheet remains stable." The minutes of yesterday's financial stability meeting will be published on March 21.
- The central bank will release data on foreign reserves at the top of the hour (09:00GMT/10:00CET). The Bank Board recently mandated staff to study the options for potential investments in alternative assets, on the request of Governor Ales Michl.
- A Swiss Life Hypoindex report showed that the average mortgage rate in Czechia fell to 5.05% in March, the lowest level since spring 2022.
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EQUITIES: EU Bank index highest since 2011
Feb-05 08:20
- While most of the calls for Cash Equities were on the downside and into negative territory, Banking index should again be watched, this is one of the most interesting chart at the start of 2025, SX7E is now breaking through 163.66, was not only last Week's high but its highest level since July 2011.
- Next upside is now seen at 166.10, the July 2011 high.
SILVER TECHS: Pierces Resistance
Feb-05 08:16
- RES 4: $34.903 - High Oct 23 and the bull trigger
- RES 3: $33.450 - 76.4% of the Oct 23 - Dec 19 ‘24 bear leg
- RES 2: $33.000 - Round number resistance
- RES 1: $32.552 - 61.8% of the Oct 23 - Dec 19 ‘24 bear leg
- PRICE: $32.361 @ 08:15 GMT Feb 5
- SUP 1: $30.651 - 50-day EMA
- SUP 2: $29.704 - Low Jan 27
- SUP 3: $28.748 - Low Dec 19 and bear trigger
- SUP 4: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle
Silver is trading higher this week. Key resistance at $32.338, the Dec 12 high, has been pierced. Clearance of this level would highlight a stronger reversal. This would cancel a recent bearish theme and open $32.552, a Fibonacci retracement. Clearance of this level would expose the $33.00 handle. On the downside, initial firm support lies at $30.651, the 50-day EMA and a pivot level. A clear break of the EMA would reinstate the recent bearish theme.
MNI: SPAIN JAN SRVCS PMI 54.9 (FCAST 56.8); DEC 57.3
Feb-05 08:15
- MNI: SPAIN JAN SRVCS PMI 54.9 (FCAST 56.8); DEC 57.3
