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Koruna Edges Higher, EUR/CZK Stays Close To 200-DMA

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EUR/CZK continues to show a tendency to gravitate towards key DMAs and is currently tracking just below its 200-DMA. The rate last deals -0.009 at 24.709, with bears looking for a move away from the 200-DMA and a dip through 24.636, the 38.2% retracement of the Apr 2023 - Feb 2024 upswing. The next target on the downside is 24.458, the low print of Jan 8. On the flip side, a return above the 200-DMA (24.767) would allow bulls to take aim at the 100-DMA (25.096) and the 50-DMA (25.152). The RSI remains in oversold territory.

  • CNB's Tomas Holub said that it is too early to tell if the Bank Board will slow the pace of monetary easing next month after delivering three consecutive 50bp cuts. He noted that he needs to assess inflowing inflation and wage data, with the koruna exchange rate also playing some role in the Board's deliberations.
  • CZGBs are firmer across the curve as yields have climbed in line with regional sentiment. The PX Index is creeping higher and showed at a new cyclical peak today.
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EUR/CZK continues to show a tendency to gravitate towards key DMAs and is currently tracking just below its 200-DMA. The rate last deals -0.009 at 24.709, with bears looking for a move away from the 200-DMA and a dip through 24.636, the 38.2% retracement of the Apr 2023 - Feb 2024 upswing. The next target on the downside is 24.458, the low print of Jan 8. On the flip side, a return above the 200-DMA (24.767) would allow bulls to take aim at the 100-DMA (25.096) and the 50-DMA (25.152). The RSI remains in oversold territory.

  • CNB's Tomas Holub said that it is too early to tell if the Bank Board will slow the pace of monetary easing next month after delivering three consecutive 50bp cuts. He noted that he needs to assess inflowing inflation and wage data, with the koruna exchange rate also playing some role in the Board's deliberations.
  • CZGBs are firmer across the curve as yields have climbed in line with regional sentiment. The PX Index is creeping higher and showed at a new cyclical peak today.