Central European Daily

January inflation below Czech National Bank´s forecast had little impact on the Czech koruna yesterday as the EUR/CZK pair was trading only slightly weaker in late afternoon than previous day. Both the zloty and the forint strengthened. A non-binding legal opinion of the European Court of Justice regarding Hungarian FX loans did not influence significantly either the forint or government bonds. The ECJ said Hungarian courts could change unfair clauses in the concerned loan contracts. Two months ago, the Hungarian Supreme Court ruled that FX loans provided in 2013 were legal. As a consequence of the latest European court´s verdict, the Supreme Court may add supplements to its previous ruling. (The Hungarian stock index, BUX, lost about 1.3 % yesterday, while its Czech and Polish peers strengthened).