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CZK: Koruna Weakens, Czechia's Trade Balance Flips Into Deficit

CZK

EUR/CZK snaps a two-day losing streak and creeps higher again, with cautious sentiment and disappointing current-account data released out of Czechia doing little to help the koruna. The rate last deals +0.067 at 25.387, with the RSI staying in overbought territory. Bulls look for a clearance of Jul 10/Apr 10 highs of 25.425/25.448 before targeting Feb 15 high of 25.519. Bears see the 100-DMA (25.073) as their initial target.

  • Czechia's current account balance flipped into a deficit of CZK14.67bn in May from a deficit of CZK27.95bn recorded in April, missing the consensus forecast of +CZK9.50bn. Komercni banka wrote that the outcome reflected an increase in primary income liabilities, partly connected to the outflow of dividends. This was not fully offset by a trade surplus, which was boosted by motor vehicles exports.
  • CZGB yields are mostly lower; the PX Index remains close to cyclical highs.
EM BulletCzech RepublicCEEMEABulletGlobalEmerging Market NewsRegionCzechia

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