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CZK: Koruna Still Struggles To Catch Up With Peers

CZK

EUR/CZK changes hands +0.034 at 25.193, struggling to extend recent gains beyond the nearby 76.4% retracement of the Apr 10 - Jun 7 sell-off (25.313). With domestic headline flow providing little in the way of meaningful cues, the koruna underperforms its CE3 peers (PLN/CZK +0.3%, CZK/HUF -0.1%).

  • Technically-oriented market participants should pay attention to signs that the pair might be topping out, with its recent rally losing steam after receiving a boost from the CNB's larger-than-expected rate cut last week, albeit certain thresholds still need to be reached to signal heightened potential for a bearish reversal. Notably, the RSI is flirting with overbought territory (i.e. the level of 70), while the 50-DMA is virtually touching the 200-DMA in what may soon evolve into a "death cross."
  • CZGB curve has twist steepened at the margin; the PX Index has added 0.3%, building on its recent gains.
EM BulletCzech RepublicCEEMEABulletGlobalEmerging Market NewsRegionCzechia

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