MNI China Daily Summary: Monday, November 25

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EZ/UK Bond Supply Calendar: Gilt Syndi; IT, DE Due on Tuesday

MNI: GERMANY NOV IFO BUSINESS CLIMATE INDEX 85.7

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MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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Koruna Edges Higher

CZK

EUR/CZK has edged lower and lasts deals -0.029 at 24.483, with CE3 currencies now showing some modest strength versus the euro. Technically, bears keep an eye on the 24.3 area, which capped gains in early August and limited losses in late September, while coinciding with the 23.6% retracement of the YtD upleg (24.316). On the topside, the focus falls on Sep 12, 2023/Sep 29, 2022 highs of 24.659/24.700.

  • Komercni banka expect the Polish central bank to cut rates by 50bp today before stabilising rates for an extended period of time after the upcoming parliamentary elections. The previous larger-than-expected rate cut had an impact on regional currencies, weighing on the koruna as well.
  • CZGB yields are higher across the curve, with some flattening evident. The Finance Ministry will offer CZK7bn of bonds maturing in 2029 and 2034 today.
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