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CZK: EUR/CZK Trades at Highest Level Since April, Focus Turns to CPI Wednesday

CZK

The Czech koruna, alongside the Hungarian forint, is among the poorest performing currencies in the EMEA region. Today’s weakness has resulted in a break above 25.215 for EURCZK, last week’s high, with the cross now at its highest level since the end of April.

  • A more dovish CNB following the June meeting continues to underpin koruna weakness, with EURCZK around 1.8% higher compared to pre-CNB levels. PLNCZK has bounced an impressive 5% off the June lows, with the cross trading within close proximity to its YTD high of 5.9686. A break here would place the cross at its highest level since 2020.
  • More broadly, ranges are tight and volatility is muted across global markets, though the moderate recovery in the greenback is providing a slight headwind to EM FX. Powell’s semi-annual testimony in front of the Senate banking committee at 1500BST/1000ET provides the key risk event today, with local focus shifting to CPI data tomorrow morning.
EM BulletCzech RepublicCEEMEABulletGlobalEmerging Market NewsRegionCzechia

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