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Koruna Edges Higher, Data Shows CNB Extended Intervention Pause

CZK

EUR/CZK last trades -0.019 at 23.824, with bears keeping an eye on 23.573, which limited losses on Jun 27. Conversely, bulls set their sights on Mar 17 high of 24.137.

  • Data from the CNB showed that the central bank refrained from FX interventions in May for the seventh consecutive month. A strong exchange rate is one of the pillars of the CNB's monetary policy.
  • Czechia's retails sales ex-auto printed at -6.1% Y/Y in May, slightly better than the -6.2% expected by economists in a Bloomberg survey. The reding for April was revised lower to -8.4%.
  • Local headline flow has been relatively light, with the government set to discuss 2024 budget draft later today.
  • CZGB yields curve has twist flattened this morning. The PX index has come under pressure, losing ~0.6% so far.
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