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Koruna Falters In Sync With Most EMEA Peers

CZK

EUR/CZK climbs for the fourth consecutive day and last changes hands +0.069 at CZK23.715. For bulls, a break above the 50-DMA (CZK23.775) would represent an important development, opening up scope for further gains. Bears look for a pullback towards recent cyclical lows printed at CZK23.343.

  • CZGB yields last seen 7.6-10.7bp lower across a flattened curve. The PX index has tumbled ~2.2%, piercing its 50-DMA in the process.
  • CNB Deputy Governor Eva Zamrazilova told Bankovnicvi magazine that local interest rates will need to stay above the neutral level for longer than expected earlier to prevent a rebound in price pressures.
  • Elsewhere, CNB Governor Ales Michl received top-level security clearance after his predecessor Jiri Rusnok and President Petr Pavel cast doubt on his ability to fulfil his mandate without the background check.
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EM BulletHomepageCEEMEABulletEmerging Market News

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