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CZK: Koruna Edges Higher Amid CE3 Outperformance

CZK
EM BulletCzech RepublicCentral and Eastern EuropeBulletGlobalEmerging Market NewsRegionCzechia

EUR/CZK changes hands -0.015 at 25.259 and bears look for losses past the 50-DMA, which kicks in at 25.161. Conversely, bulls keep an eye on the area just shy of 25.4, including Oct 7 high of 25.381. The koruna lags its two key regional peers but the CE3 basket sits atop the EMEA pile.

  • The Finance Ministry outlined plans to sell CZK20.5bn of local-currency bonds, EUR500bn in three-year FX-denominated bonds, as well as up to CZK10bn and EUR500mn of T-Bills next month. While Czechia regularly holds auctions for EUR-denominated bills, it will be the first domestic auction of EUR-denominated bonds in over two years. Bloomberg notes that Czechia "hasn't tapped international markets for about 12 years, relying mostly on issuance in the local currency," and in line with this pattern the Czechs are "extending their long-preferred method of borrowing in foreign currencies under the local law."
  • CZGB yields crept higher in morning trade before stabilising, with 7s underperforming as we type. The PX Index is marginally weaker, but remains near recent cyclical highs.
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EUR/CZK changes hands -0.015 at 25.259 and bears look for losses past the 50-DMA, which kicks in at 25.161. Conversely, bulls keep an eye on the area just shy of 25.4, including Oct 7 high of 25.381. The koruna lags its two key regional peers but the CE3 basket sits atop the EMEA pile.

  • The Finance Ministry outlined plans to sell CZK20.5bn of local-currency bonds, EUR500bn in three-year FX-denominated bonds, as well as up to CZK10bn and EUR500mn of T-Bills next month. While Czechia regularly holds auctions for EUR-denominated bills, it will be the first domestic auction of EUR-denominated bonds in over two years. Bloomberg notes that Czechia "hasn't tapped international markets for about 12 years, relying mostly on issuance in the local currency," and in line with this pattern the Czechs are "extending their long-preferred method of borrowing in foreign currencies under the local law."
  • CZGB yields crept higher in morning trade before stabilising, with 7s underperforming as we type. The PX Index is marginally weaker, but remains near recent cyclical highs.