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The Polish currency remained strong after Moody’s confirmed its sovereign rating on Poland, surprisingly re-affirming it to 'A2'. Although the agency cut the rating outlook to negative from stable, citing fiscal and policy risks, the market had expected a downgrade by (at least) one notch, KBC reported.
Two new persons, Vojtěch Benda, who was chief economist at ING Bank and Tomáš Nidetzký, the commercial director at NN insurer, formerly part of ING, would be appointed by Czech president Zeman to the board of the Czech National Bank. Both have some connection relationship to current board member Rusnok (who is supposed to be the new CNB governor), media reports said.
"While we expect that Benda and Nidetzký will closely cooperate with Rusnok in the Bank Board, we do not alter our view on the CNB policy and possible timing of an exit from the current (FX) intervention regime," KBC said in a research note.
The Czech GDP data have surprised markets on the upside, rising by 3.1 pct on year, compared to 0.5 pct rise in the last quarter of 2015. According the Czech Statistical Office the growth was supported by all components of the demand: by steadily growing consumption of households, slightly increasing investment activity, as well as external trade.
