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CZK: Koruna Ticks Higher, Participants Mull CNB Decision & Politics

CZK
EM BulletCzech RepublicCentral and Eastern EuropeBulletGlobalEmerging Market NewsRegionCzechia

EUR/CZK stays away from resistance offered by the 50-DMA at 25.173 and has pulled back from there despite approaching that moving average Wednesday around the announcement of the CNB's rate decision.

  • The pair last deals -0.007 at 25.155, with bears looking for a move through the 25.0 figure, which would give them a fresh impetus. For bulls, the aim is to force a break above the 50-DMA before targeting Aug 16 high of 25.276.
  • The CNB's decision to cut rates by 25bp was widely expected but there was one dissenting vote in favour of a 50bp cut. Governor Michl stressed that the Bank Board will "carefully" consider any future cuts.
  • The Pirate Party announced its intention to leave the governing coalition after PM Fiala unexpectedly sacked Ivan Bartos, who said he would step down as party leader. Even without the Pirates, the government will keep majority in the Czech parliament.
  • CZGB yields are mostly a tad higher; the PX Index is up 0.6% on the day.
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EUR/CZK stays away from resistance offered by the 50-DMA at 25.173 and has pulled back from there despite approaching that moving average Wednesday around the announcement of the CNB's rate decision.

  • The pair last deals -0.007 at 25.155, with bears looking for a move through the 25.0 figure, which would give them a fresh impetus. For bulls, the aim is to force a break above the 50-DMA before targeting Aug 16 high of 25.276.
  • The CNB's decision to cut rates by 25bp was widely expected but there was one dissenting vote in favour of a 50bp cut. Governor Michl stressed that the Bank Board will "carefully" consider any future cuts.
  • The Pirate Party announced its intention to leave the governing coalition after PM Fiala unexpectedly sacked Ivan Bartos, who said he would step down as party leader. Even without the Pirates, the government will keep majority in the Czech parliament.
  • CZGB yields are mostly a tad higher; the PX Index is up 0.6% on the day.