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Koruna Extends Yesterday's Losses

CZK

The Czech koruna lags all its EMEA peers today, with EUR/CZK +0.085 at 23.936, ripping through its 200-DMA to print best levels in a week. Topside technical focus falls on Mar 17 high of 24.137, while bears look for a dip towards Jun 27 low of 23.573.

  • The koruna came under pressure yesterday as CNB Deputy Governor Zamrazilova said that the monetary policy debate is shifting towards the timing of first rate cuts and flagged expectations of koruna depreciation. This represented a departure from earlier CNB messaging, which emphasised that monetary easing is not currently being discussed, while a strong koruna is a key element of monetary policy.
  • Industrial producer prices in Czechia rose by 1.9% Y/Y in June, topping the +1.8% median estimate by a narrow margin. Agricultural producer prices fell by 13.8% Y/Y, signalling the potential for further easing in food prices.
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