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CZK: Koruna Weakens In Reaction To Weak European PMIs

CZK
EM BulletCzech RepublicCentral and Eastern EuropeBulletGlobalEmerging Market NewsRegionCzechia

Disappointing EZ PMI data pushed EUR/CZK a tad higher this morning, as renewed concerns about the performance of the German economy has applied pressure to CEE assets. The pair last deals +0.028 at 25.087, with the koruna faring slightly better than its CE3 peers (PLN & HUF). Technically, a clearance of the 50-DMA at 25.182 would reassure bulls, while bears look for losses past the 25.0 figure.

  • Czechia's main opposition ANO party won regional elections in a landslide, confirming its dominant position indicated by a series of recent opinion polls. The result is a wake-up call for the governing coalition ahead of the much more consequential 2025 parliamentary election.
  • President Petr Pavel confirmed that Czech Banking Association's Jakub Seidler will join the CNB's Bank Board after Tomas Holub's term expires at the end of November. This means that Seidler's first monetary policy meeting in his new role will be the final meeting of this year slated for December 19.
  • In the meantime, the CNB is expected to deliver another 25bp rate cut this Wednesday.
  • CZGB yields are mostly lower across the curve; the PX Index sits 0.5% lower on the session.
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Disappointing EZ PMI data pushed EUR/CZK a tad higher this morning, as renewed concerns about the performance of the German economy has applied pressure to CEE assets. The pair last deals +0.028 at 25.087, with the koruna faring slightly better than its CE3 peers (PLN & HUF). Technically, a clearance of the 50-DMA at 25.182 would reassure bulls, while bears look for losses past the 25.0 figure.

  • Czechia's main opposition ANO party won regional elections in a landslide, confirming its dominant position indicated by a series of recent opinion polls. The result is a wake-up call for the governing coalition ahead of the much more consequential 2025 parliamentary election.
  • President Petr Pavel confirmed that Czech Banking Association's Jakub Seidler will join the CNB's Bank Board after Tomas Holub's term expires at the end of November. This means that Seidler's first monetary policy meeting in his new role will be the final meeting of this year slated for December 19.
  • In the meantime, the CNB is expected to deliver another 25bp rate cut this Wednesday.
  • CZGB yields are mostly lower across the curve; the PX Index sits 0.5% lower on the session.