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Koruna Appreciates Despite Retail Sales Miss

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EUR/CZK has traded on a heavier footing and last sits -0.032 at CZK23.831. A clean break below Jan 30, 2023/Oct 30, 2008 lows of CZK23.716/23.700 would support the bearish case, while bulls set their sights on the 50-DMA, which today intersects at CZK24.078.

  • CZGBs are slightly firmer across the curve, with the short-end outperforming. The PX index has added ~0.2% but struggles to re-test recent cyclical highs (1,360).
  • Data from the CNB confirmed that the central bank did not conduct any FX interventions in December, in line with expectations.
  • Meanwhile, Czech retail sales shrank more than forecast in December, providing evidence of tepid consumer demand into the year-end.
  • Czech unemployment data will cross the wires tomorrow, with the closely watched CPI report coming up Friday.
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EUR/CZK has traded on a heavier footing and last sits -0.032 at CZK23.831. A clean break below Jan 30, 2023/Oct 30, 2008 lows of CZK23.716/23.700 would support the bearish case, while bulls set their sights on the 50-DMA, which today intersects at CZK24.078.

  • CZGBs are slightly firmer across the curve, with the short-end outperforming. The PX index has added ~0.2% but struggles to re-test recent cyclical highs (1,360).
  • Data from the CNB confirmed that the central bank did not conduct any FX interventions in December, in line with expectations.
  • Meanwhile, Czech retail sales shrank more than forecast in December, providing evidence of tepid consumer demand into the year-end.
  • Czech unemployment data will cross the wires tomorrow, with the closely watched CPI report coming up Friday.