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CZK: EUR/CZK Struggles to Extend Recent Gains, Czech Retail Sales Disappoint

CZK

EUR/CZK continues to oscillate around familiar levels, last trading +0.009 at 25.164, struggling to extend the recent short-term uptrend. The RSI has flatlined just shy of overbought territory, but the pair's 50-DMA has just crossed below the 200-DMA, sending a bearish signal. Should the rate manage to pull back through the 200-DMA (24.853), bears would look for losses towards key support from Jun 7 low of 24.537. On the flip side, bulls see Apr 10 high of 25.448 as their initial target.

  • Czechia's ex-auto retail sales rose 4.4% Y/Y in May, undershooting the consensus forecast of +5.3%. Komercni banka commented that the outcome signals a stagnation of consumer demand in Q2 after rapid growth in Q1, with real retail sales still lagging behind pre-pandemic levels. This bodes ill for Q2 economic growth, as industry is also facing headwinds.
  • The koruna struggles against its CE3 peers, with PLN/CZK last seen +0.1% and CZK/HUF -0.3%.
  • CZGB yields are a tad lower across the curve; the PX Index extends recent gains, narrowing in on the May 23 cyclical high.
EM BulletCzech RepublicCEEMEABulletGlobalEmerging Market NewsRegionCzechia

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