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Koruna Holds Familiar Range After In-Line CPI Print

CZK

EUR/CZK continues to operate in familiar territory, last changing hands -0.005 at 24.261. Inflation data from Czechia and the US provide the highlights of today's session. From a technical perspective, it is worth noting that the 50-DMA has crossed above the 200-DMA, forming a "golden cross." Bulls eye resistance from Dec 30, 2022 high of 24.336, followed by the 24.40 area. On the downside, the 200-DMA provides the initial layer of support at 23.848.

  • Czechia's CPI inflation cooled to +8.8% Y/Y in July from +9.7% prior, printing in line with BBG consensus forecast (+8.8%) and roughly in line with the CNB forecast (+8.9%). Monthly price growth accelerated to +0.5% M/M from +0.3% versus +0.4% expected. The CNB will comment on the data later today.
  • Czech FRAs have ticked higher today, moving away from recent cyclical lows.
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