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Pullback Considered Corrective


Holding Above Recent Lows


BLOCK, Large 3Y Midcurve Put Condor

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  • This week, the CNB is expected to increase its policy rate by 25bps to 0.75% on August 5 in order to curb the inflationary pressures, which are expected to remain elevated in H2.
  • USDCZK has been consolidating lower in the past few days, currently trading slightly below its 100DMA resistance at 21.46; next support to watch on the downside stands at 21.37, followed by 21.20. On the topside, first resistance to watch above 21.46 stands at 21.62 (200DMA).
  • Czech 10Y yield ticks lower this morning after failing to break through its 50DMA yesterday; key support to watch on the downside stands at 1.60%. On the topside, next resistance to watch above 1.68% (50DMA) stands at 1.74%.
  • Next CPI print (July) will come out on August 10.