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CZK: Koruna On Defensive, CNB To Discuss Financial Stability

CZK
EM BulletCzech RepublicCentral and Eastern EuropeBulletGlobalEmerging Market NewsRegionCzechia

EUR/CZK last trades +0.025 at 25.114, advancing for the fourth consecutive day. A move through the 50-DMA, which kicks in at 25.209, would suggest that a bullish reversal is underway. Bears look for a resumption of losses past the psychologically significant 25.0 figure.

  • Komercni banka wrote that yesterday's comments from CNB Deputy Governor Zamrazilova (no reason to stop monetary easing but no jumbo cuts expected) did not deviate from earlier communications and suggested that the central bank would reduce the policy rate by another 25bp at the September meeting.
  • Meanwhile, the CNB holds a financial stability meeting today and will announce its decision on the countercyclical buffer (CCyB) rate in the afternoon. The rate was reduced by 50bp in June to 1.25%. Today's meeting is an interim one, i.e. without the publication of a new Financial Stability Report.
  • CZGBs are mostly a tad softer across the curve; the PX Index rejected support from the 100-DMA and has added 0.5% today.
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EUR/CZK last trades +0.025 at 25.114, advancing for the fourth consecutive day. A move through the 50-DMA, which kicks in at 25.209, would suggest that a bullish reversal is underway. Bears look for a resumption of losses past the psychologically significant 25.0 figure.

  • Komercni banka wrote that yesterday's comments from CNB Deputy Governor Zamrazilova (no reason to stop monetary easing but no jumbo cuts expected) did not deviate from earlier communications and suggested that the central bank would reduce the policy rate by another 25bp at the September meeting.
  • Meanwhile, the CNB holds a financial stability meeting today and will announce its decision on the countercyclical buffer (CCyB) rate in the afternoon. The rate was reduced by 50bp in June to 1.25%. Today's meeting is an interim one, i.e. without the publication of a new Financial Stability Report.
  • CZGBs are mostly a tad softer across the curve; the PX Index rejected support from the 100-DMA and has added 0.5% today.