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EUR/CZK Testing Monday Highs, Czech Stocks Remain Heavy


EUR/CZK finds poise in afternoon trade, climbing towards yesterday's highs of CZK24.359. The rate is testing these levels at typing and a break here could aid bullish momentum. The latest leg higher comes amid a rebound from intraday lows in EUR/USD, which has allowed the rate to return into positive territory.

  • With no local data releases of note, focus fell on below-forecast CPI readings in Spain and Germany, which may affect sentiment surrounding inflation dynamics in Czechia. Worth noting that German CPI unexpectedly fell 0.5% M/M.
  • The PX index has traded on a heavier footing and last sits ~1.3% lower on the day, after breaking below the floor of a channel drawn off Nov 14 cycle high. Note that the RSI pulled back from overbought territory as the corrective pullback from that cyclical peak began.
  • Looking into V4 FX space, PLN/CZK printed fresh three-week highs at CZK5.2151 today, while CZK/HUF has now fully erased yesterday's losses.

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