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Koruna Firms Despite Decline In Economic Sentiment

CZK

EUR/CZK started the session on the front foot but has promptly unwound those gains and last trades -0.018 at CZK23.654. A dip through Jun 6 low of CZK23.510 would suggest that bears are getting the upper hand. Bulls look for a rally above Mar 17 high of CZK24.137, which would support the bullish case.

  • The government said that a legislative package limiting and cancelling some tax exemptions will be discussed in parliament on July 11. The opposition is expected to try and delay the adoption of these measures.
  • Business and consumer confidence in Czechia deteriorated in June, with the CZSO noting that "over the past two months, we have observed a significant erosion of confidence in the Czech economy."
  • Later this week, the focus will turn to final Q1 GDP data and CNB minutes on Friday.
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