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CZK: Under Light Pressure

PLN
PolandCEEMEAEM BulletStoryEmerging Market News

PLN/CZK has sold off, shedding 129 pips in the process, and last deals at 5.8833. The rate remains locked in an upward sloping channel but a break below trendline drawn off Nov 12 low and intersecting at 5.9727 would support the case for a bearish reversal, bringing the nearby 100-DMA (5.8620), 50-DMA (5.8543) and 200-DMA (5.8492) into play. Bulls look for an extension of the recent uptrend, setting their sights on Dec 19 high of 5.9170.

  • The Czech National Bank (CNB) paused its rate-cutting cycle during its last monetary policy meeting this year, leaving the two-week repo rate at 4.00% and suggesting that all options are on the table for the February meeting. Meanwhile, the National Bank of Poland (NBP) extended its pause in interest-rate action, keeping the reference rate at 5.75%, with Governor Glapinski offering hawkish forward guidance (later played down by his colleagues somewhat).
  • Liquidity in the CEE pair is thinned out by the Christmas holidays.
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PLN/CZK has sold off, shedding 129 pips in the process, and last deals at 5.8833. The rate remains locked in an upward sloping channel but a break below trendline drawn off Nov 12 low and intersecting at 5.9727 would support the case for a bearish reversal, bringing the nearby 100-DMA (5.8620), 50-DMA (5.8543) and 200-DMA (5.8492) into play. Bulls look for an extension of the recent uptrend, setting their sights on Dec 19 high of 5.9170.

  • The Czech National Bank (CNB) paused its rate-cutting cycle during its last monetary policy meeting this year, leaving the two-week repo rate at 4.00% and suggesting that all options are on the table for the February meeting. Meanwhile, the National Bank of Poland (NBP) extended its pause in interest-rate action, keeping the reference rate at 5.75%, with Governor Glapinski offering hawkish forward guidance (later played down by his colleagues somewhat).
  • Liquidity in the CEE pair is thinned out by the Christmas holidays.