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CZK: Koruna Edges Lower, Current Account Deficit Widens

CZK
EM BulletCzech RepublicCEEMEABulletGlobalEmerging Market NewsRegionCzechia

EUR/CZK has ticked higher and last operates +0.017 at 25.205, struggling to extend recent losses. A recovery past Aug 1 high of 25.535 would suggest that bulls are in control again, while bears look for a dip through the 50-DMA (25.111) and 100-DMA (25.076), and then towards the round figure of 25.0.

  • Czechia's current account deficit widened more than forecast to CZK48.25bn in June from CZK14.67bn in May. While the widening of the gap was expected, Bloomberg consensus was looking for a shortfall of just CZK28.00bn. On the other hand, Komercni banka note that the current account surplus for the first half of the year was the highest since 2019. Still, they expect this trend to worsen slightly in 2H2024 amid a revival of imports and fading exports.
  • CZGB yields are mostly lower at typing. The PX Index continues to hold onto a tight range.
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EUR/CZK has ticked higher and last operates +0.017 at 25.205, struggling to extend recent losses. A recovery past Aug 1 high of 25.535 would suggest that bulls are in control again, while bears look for a dip through the 50-DMA (25.111) and 100-DMA (25.076), and then towards the round figure of 25.0.

  • Czechia's current account deficit widened more than forecast to CZK48.25bn in June from CZK14.67bn in May. While the widening of the gap was expected, Bloomberg consensus was looking for a shortfall of just CZK28.00bn. On the other hand, Komercni banka note that the current account surplus for the first half of the year was the highest since 2019. Still, they expect this trend to worsen slightly in 2H2024 amid a revival of imports and fading exports.
  • CZGB yields are mostly lower at typing. The PX Index continues to hold onto a tight range.