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Koruna Finds Poise, CNB Keeps Countercyclical Capital Buffer & Mortgage Limits Unchanged

CZK

EUR/CZK has now reversed its initial gains and trades -0.015 at CZK24.337 after the central bank kept macroprudential settings unchanged. Nov 28 low of CZK24.301 remains the initial bearish target.

  • PLN/CZK rejected resistance from its 200-DMA (CZK5.2265) and pared the bulk of earlier gains to last trade at CZK5.2115, up 51 pips on the day.
  • CZK/HUF sits at CZK16.7939, up 1,188 pips on the day, having clawed back all yesterday's losses. Next resistance is at HUF17.0652, the high print of Nov 24.
  • The CNB announced that it is keeping the countercyclical capital buffer rate for lenders unchanged at 2.5%. The loan-to-value ratio and two other mortgage limits also remained unchanged. Board member Kubelkova said that the risks associated with mortgage lending are still seen as elevated. Governor Michl emphasised that the central bank needs "to be very firm and unrelenting in requiring banks and their clients to create less debt" amid ongoing fight against inflation.
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