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CZK: Koruna Stabilises After CNB Decision, Meeting With Analysts Underway

CZK

Hawkish tones in the CNB's decision to cut the two-week repo rate by 25bp (i.e. unanimous vote, rhetoric at the press conference) triggered a sharp rally in the koruna yesterday, allowing EUR/CZK to pull back from fresh cyclical highs (25.535) and close 0.4% lower on the day. The pair last trades at 25.308, little changed on the day.

  • Technically, bears look for a sell-off past 25.208, which cushioned losses on Jul 19 & Jul 22. Bulls look for a rebound above 25.535, the new cyclical peak reached yesterday.
  • The CNB holds a seminar with analysts at typing to present the new macroeconomic forecast and take questions from the audience. The Bank Board is represented by Deputy Governor Jan Frait.
  • CZGBs have moved away from best levels, but yields remain in the green at typing. The PX Index is 0.5% worse off on the session after hitting its worst levels since the first half of July.
EM BulletCzech RepublicCEEMEABulletGlobalEmerging Market NewsRegionCzechia

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