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

CZK
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EUR/CZK continues to track just below its 200-DMA, last changing hands -0.032 at 24.707. The absence of major domestic catalysts keeps the koruna exposed to the external environment.

  • From a technical perspective, a dip through the 38.2% retracement of the Apr 2023 - Feb 2024 rally at 24.636 would expose Jan 8 low of 24.458. Conversely, bulls look for gains past the 200-DMA (24.770) and towards the 100-DMA (25.097) and 50-DMA (25.142). The RSI remains in oversold territory.
  • CZGB yields sit a touch higher across the curve at typing, with the Finance Ministry due to hold an auction for floating-rate bonds maturing in 2043.
  • The PX Index is little changed on the day, stays in the vicinity of recent multi-year highs (best levels since the GFC).
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EUR/CZK continues to track just below its 200-DMA, last changing hands -0.032 at 24.707. The absence of major domestic catalysts keeps the koruna exposed to the external environment.

  • From a technical perspective, a dip through the 38.2% retracement of the Apr 2023 - Feb 2024 rally at 24.636 would expose Jan 8 low of 24.458. Conversely, bulls look for gains past the 200-DMA (24.770) and towards the 100-DMA (25.097) and 50-DMA (25.142). The RSI remains in oversold territory.
  • CZGB yields sit a touch higher across the curve at typing, with the Finance Ministry due to hold an auction for floating-rate bonds maturing in 2043.
  • The PX Index is little changed on the day, stays in the vicinity of recent multi-year highs (best levels since the GFC).