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Koruna Appreciates, CNB's Zamrazilova Reiterates Familiar Views

CZK

EUR/CZK has slipped and last operates -0.032 at CZK23.370. Bearish technical focus remains on CZK23.207, the low print of Apr 14. On the flip side, bulls look for gains above Mar 28 high of CZK23.820.

  • The Koruna has strengthened versus the EUR together with other CE3 currencies. PLN/CZK has climbed to a new monthly high, but CZK/HUF has now returned to positive territory after lodging new cyclical lows.
  • CZGBs are 3.4-5.6bp firmer across the curve, strengthening alongside their regional peers. The PX index trades on a slightly softer footing.
  • CNB Dep Gov Zamrazilova said that the current level of interest rates is the highest possible and its further increases would have limited impact on curbing inflation. However, she also noted that the CNB "will not cut interest rates until inflation is in the single digits and is clearly heading somewhere in the 1-3% corridor."
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