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EURCZK Trading At The Low of Its 2W Range

CZECHIA
  • This week has been quiet for the Czech market and CZK followed the CEE trend recently after the sharp depreciation in November.
  • On Tuesday, economic data showed that manufacturing PMI surged to 57.1 in November (vs. 55.5 exp.), up from 55.1 the previous month, diverging significantly from consumer confidence indicator (which is trading at its lowest level since March 2021).
  • EURCZK continues to consolidate lower this morning, currently trading at the low of its 2W range; next support to watch on the downside stands at 25.25. On the topside, first resistance stands at 25.48 (100DMA).
  • Czech 10Y yield has stabilized around 2.50% in the past week, support to watch on the downside stands at 2.41% (50DMA). On the topside, resistance to watch stands at 2.6%.

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