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Free AccessKoruna Finds Poise After Hawkish CNB Comments
EUR/CZK loses altitude in line with regional sentiment, as all CE3 currencies advance. The koruna might be drawing some further support from the latest round of hawkish CNB speak, albeit we have not seen any notable shifts in local interest-rate markets this morning. When this is being typed, EUR/CZK sits -0.064 at CZK23.699.
- Technically, a sell-off past May 9 low of CZK23.340 would turn focus to Apr 14 cycle low of CZK23.207. Conversely, bulls need a clearance of Mar 28 high of CZK23.820 before taking aim at Mar 17 high of CZK24.137.
- From an interview with CNB Deputy Governor Jan Frait, it could be inferred that the central bank was on the verge of raising interest rates at the most recent Bank Board meeting. Frait said he felt "51 to 49" in favour of holding rates steady while heading into a tight 4-3 vote. His colleague Jan Prochazka reiterated that the central bank might have to keep rates higher for longer.
- CZGB curve runs steeper this morning, with yields last seen -6.2bp to +4.7bp. The PX Index has added 0.75%, recovering from the CEZ-driven losses last week.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.