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Koruna Firms In Line With Regional Sentiment, PX Index Slips

CZK

EUR/CZK remains heavy, consistent with solid performance from CE3 currencies, which corresponds with EUR outperformance in G10 FX space. When this is being typed, the pair deals -0.027 at CZK23.609, having a look under its 50-DMA/100-DMA at CZK23.619/23.614. Further losses past Jun 6 low of CZK23.510 are needed to confirm that bears are gaining momentum. Bullish focus remains on Mar 17 high of CZK24.137.

  • The latest edition of the CNB's Financial Market Inflation Expectations showed that the "koruna is expected to be flat close to its current level in the weeks ahead and depreciate somewhat less compared to the May survey at the one-year horizon."
  • The PX Index has shed ~0.3% this morning. The reversal of opening gains in CEZ shares (-0.7%) may have exacerbated its weakness, after the utility wrapped up its general meeting yesterday, during which it approved a record CZK145/share dividend.
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