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CZK: Koruna Trades Flat, CNB Rate Decision Awaited Next Week

CZK
EM BulletCzech RepublicCEEMEABulletGlobalEmerging Market NewsRegionCzechia

EUR/CZK trades flat at 25.374, with the koruna underperforming its CE3 peers (PLN/CZK +0.2%, CZK/HUF -0.2%). Technically, a break above Jul 24 high of 25.465 would pave the way to 25.519, a cyclical high printed on Feb 15. Meanwhile, a sell-off past 25.208, which provided a layer of support on Jul 19/22, would suggest that bearish momentum is building up, turning the focus to the 100-DMA at 25.071.

  • In a testimony to the upper house of parliament, CNB Governor Michl reaffirmed his views on monetary policy, noting that it should generally be tighter than was the case historically. Michl argued that low interest rates and deliberate koruna devaluation fuelled inflation.
  • CZGB yields are a touch lower, with a degree of flattening impetus creeping in. The PX Index has added 0.5%, chewing into yesterday's losses.
  • The highlight next week will be the CNB's monetary policy meeting, which may bring a slowdown in the central bank's easing cycle.
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EUR/CZK trades flat at 25.374, with the koruna underperforming its CE3 peers (PLN/CZK +0.2%, CZK/HUF -0.2%). Technically, a break above Jul 24 high of 25.465 would pave the way to 25.519, a cyclical high printed on Feb 15. Meanwhile, a sell-off past 25.208, which provided a layer of support on Jul 19/22, would suggest that bearish momentum is building up, turning the focus to the 100-DMA at 25.071.

  • In a testimony to the upper house of parliament, CNB Governor Michl reaffirmed his views on monetary policy, noting that it should generally be tighter than was the case historically. Michl argued that low interest rates and deliberate koruna devaluation fuelled inflation.
  • CZGB yields are a touch lower, with a degree of flattening impetus creeping in. The PX Index has added 0.5%, chewing into yesterday's losses.
  • The highlight next week will be the CNB's monetary policy meeting, which may bring a slowdown in the central bank's easing cycle.