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EURCZK Losses Accelerate Through Yesterday’s Low, Erase This Week’s Gains

CZK
  • EURCZK has dipped moderately in recent trade. While there are no obvious headline drivers behind the latest move, losses have accelerated through Wednesday’s low of 24.779. The cross has now erased the entirety of this week’s earlier gains, and has recorded a 0.7% pullback from yesterday’s high, placing EURCZK back at Monday's low near 27.740.
  • Focus will be on the ECB rate decision at 13:15GMT/14:15CET. No changes are expected at this week’s policy meeting, with President Lagarde likely to use the press conference to push back against market expectations of policy rate cuts in the near-term, while also entertaining the possibility of easing policy later in the year.
  • The Finance Ministry released the latest edition of its quarterly macroeconomic forecast earlier today, revising the 2024 GDP projection to +1.2% Y/Y from +1.9% in November as the outlook for household consumption and exports deteriorated. Inflation is expected to remain below +3.0% Y/Y for most of this year.
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