Czech Republic - Factors To Watch on Feb 7

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UPDATED CONSUMER BASKET

The statistics office publishes an updated consumer basket used to calculate consumer inflation (CPI) at 9 a.m. (0800 GMT).

INFLATION SEEN TICKING UP

Inflation is likely to have jumped to 1.9 percent on an annual basis in January as regulated price hikes and food prices feed into consumer prices, a Reuters poll showed.

The data, calculated on the updated basket, are due out on Feb. 14.

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FOREX RESERVES

The central bank (CNB) releases January foreign exchange reserves at 10 a.m. (0900 GMT).

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RATES MAY GO EITHER WAY

Interest rates could either rise or fall in the Czech central bank's next step, central bank (CNB) policymaker Vladimir Tomsik told Reuters, differing from market views that the next move in rates will be upwards.

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The CNB needs to weigh a possible cut in its 3 percent inflation target to bolster policy credibility and reflect a natural firming in the crown, Tomsik said in the first foreign media interview since his December appointment as one of two new members of the seven-strong CNB policy board.

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MARKETS RANGEBOUND

The crown eased against the euro and debt yields were broadly flat to slightly higher on Tuesday, reflecting growing investor expectations of steady interest rates in the months ahead.

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- For regular updates on Czech crown moves, click on [CZK/].

BOND AUCTION

The finance ministry auctions a long-dated government bond . Bids in the first, competitive auction round are due by 12 p.m. (1100 GMT).

- For auction details and results, double click on .

LOWER HOUSE SESSION

The lower house of parliament opens an extraordinary session at 2 p.m. (1300 GMT). Opposition demands debate on a plan to host a U.S. radar base, the European constitution and other issues.

- For most recent stories on the planned U.S. radar base, double click on the code in brackets: [RTRS-LEN-CZ-DIP-US]

EUROPEAN CONSTITUTION

Leaders of the ruling coalition meet in the afternoon to discuss a common position on the European Constitution.

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URANIUM MINING

The Czech Republic may prolong uranium extraction beyond a planned mine closure in 2008, Industry and Trade Minister Martin Riman said.

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SKODA AUTO

Skoda Auto, a unit of Germany's Volkswagen , will consider moving production eastwards to offset higher costs if the European Union approves directive on reducing carbon dioxide emissions, Martin Jahn, member of the executive board at Skoda, was quoted as saying in the daily Hospodarske Noviny (page 1).

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Overview of past economic data and market forecasts For Instant Views of key economic data click on [CZ/INSTANT] For summary of economic data and forecasts For diary of forthcoming Czech events [CZ/DIARY] For calendar of east European economic indicators [CONV/DIARY] TOP NEWS -- Emerging markets [TOP/EMRG] TOP NEWS -- Convergence watch [TOP/EAST]

For an economic indicator diary for the euro zone, the United States and other Group of Seven countries see

For real-time stock market index quotes click in brackets: Warsaw WIG20 Budapest BUX Prague PX

News editor of the day: Alan Crosby on +420 224 190 477; fax: +420 224 229 935

E-mail: prague.newsroom@reuters.com

Reuters Messaging: alan.crosby.reuters.com@reuters.net

((Compiled by Marek Petrus; Reuters Messaging: rm://marek.petrus.reuters.com@reuters.net; e-mail: prague.newsroom@reuters.com or marek.petrus@reuters.com; Tel: +420 224 190 477))

[PRAGUE/Reuters/Finance.cz]