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Koruna Appreciates Further Despite Losses For CZGBs & PX Index

CZK

EUR/CZK has sold off today, refreshing multi-year lows in the process, despite little in the way of notable local headline flow. The Koruna is currently the second-best performer in the EMEA space (after TRY). When this is being typed, EUR/CZK trades -0.071 at CZK23.631, with bears looking for losses past Aug 1, 2008 low of CZK23.445.

  • Koruna has traded out of sync with CZGBs, which weakened across the curve and last trade 7.3-10.9bp cheaper. The PX index remains softer on the day, but in the grand scheme of things, it is still in a clear uptrend and printed new cyclical highs earlier in the day.
  • Prime Minister Petr Fiala will represent Czechia at a summit of the so-called Bucharest Nine (B9) with U.S. President Joe Biden next week. The group will discuss defence cooperation and support for Ukraine during Biden's visit to Poland.
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EM BulletHomepageCEEMEABulletEmerging Market News

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