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CZK: EUR/CZK Breaks Above 50-DMA, Local Data In Focus

CZK
EM BulletCzech RepublicCentral and Eastern EuropeBulletGlobalEmerging Market NewsRegionCzechia

EUR/CZK has crept higher after a convincing break above resistance from its 50-DMA (25.168) yesterday. Further gains have been capped at 25.276, the high print of Aug 16. A clearance of this level is needed to maintain bullish momentum. The pair last deals +0.036 at 25.251, pulling back from intraday highs. A return below the 50-DMA would again bring the 25.0 figure into play.

  • Czechia's S&P Global Manufacturing PMI deteriorated to 46.0 in September from 46.7 prior, as expected. However, S&P pointed to some small, relative positives as well - "the pace of decline in new export sales was unchanged from August, and therefore the joint-slowest since April 2022" and "while business confidence eased, the optimists on the survey panel continued to outnumber the pessimists. Some companies were hopeful of a rebound in demand."
  • Final data from the CZSO confirmed that GDP rose by 0.6% Y/Y in Q2. The outturn for quarterly growth was revised to +0.4% Q/Q from +0.3%.
  • The Finance Ministry will release monthly budget data at 13:00BST/14:00CEST.
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EUR/CZK has crept higher after a convincing break above resistance from its 50-DMA (25.168) yesterday. Further gains have been capped at 25.276, the high print of Aug 16. A clearance of this level is needed to maintain bullish momentum. The pair last deals +0.036 at 25.251, pulling back from intraday highs. A return below the 50-DMA would again bring the 25.0 figure into play.

  • Czechia's S&P Global Manufacturing PMI deteriorated to 46.0 in September from 46.7 prior, as expected. However, S&P pointed to some small, relative positives as well - "the pace of decline in new export sales was unchanged from August, and therefore the joint-slowest since April 2022" and "while business confidence eased, the optimists on the survey panel continued to outnumber the pessimists. Some companies were hopeful of a rebound in demand."
  • Final data from the CZSO confirmed that GDP rose by 0.6% Y/Y in Q2. The outturn for quarterly growth was revised to +0.4% Q/Q from +0.3%.
  • The Finance Ministry will release monthly budget data at 13:00BST/14:00CEST.