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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CZECHIA
- CZKRUB has been retracing lower in recent days, breaking below its 3.48 support line, which represents the 38.2% Fibo retracement of the 3.30-3.59 range (2021 low/high range).
- The pair is currently testing its 100D SMA at 3.46; next key support to watch on the downside stands at 3.42 (61.8% Fibo and 200D SMA).
- On the topside, key resistance remains at 3.60, which represents the pair's all time high.
- CNB is expected to keep its benchmark rate steady at 0.25% on May 6 and start a tightening cycle in H2 2021. Sell-side analysts forecast 1 to 2 hikes in the second half of this year, implying that the CNB will be the first central bank to hike interest rates in Western/Central/Eastern Europe (excl. Russia/Turkey).
- On the other side, CBR has already started a tightening cycle this year amid growing concerns over rising inflationary pressures; the central bank raised its benchmark rate by 75bps in 2021 to 5%.
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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