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CZK: EUR/CZK Reapproaches Weekly Low Following CNB Policy Statement and Presser

CZK

EURCZK has returned to session lows, with koruna strength being supported by the dip in the dollar on the back of the latest ISM figures. While the vast majority of analysts had predicted a 25bp cut at today’s CNB meeting, some flagged risk of a larger 50bp move. Both the policy statement and Michl’s press conference have struck hawkish tones, warning of the inflationary risks still present in the economy.

  • For EURCZK, a break of Monday’s low at 25.312 would disrupt the trend of higher-highs and higher-lows, potentially signaling scope for a sustained move lower towards 25.208, the Jul 19/22 lows. Note that EURCZK briefly broke through 25.519 at the start of the session today, placing the cross at its highest level since March 2022. A daily close above this level would send a strong bullish signal.
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