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Koruna Inches Lower, Advance GDP Data Fail To Cause Stir

CZK
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EUR/CZK has inched higher and last trades +0.016 at 25.159 with local headlines doing little to affect price action. On the topside, the focus remains on 25.519, which represents the high print of Feb 15 and a cyclical high. Bears look for a sell-off past the psychologically significant 25.000 figure.

  • Czechia's GDP expanded by 0.4% Y/Y in 1Q24, according to advance data from the CZSO. On a quarterly basis, the economy rose 0.5%, which was the fastest pace in two years. There was little, if any, reaction in Czech assets, even as the data were marginally better than expected.
  • The focus is on CNB rate decision due Thursday. There is broad understanding that the Bank Board will approve another 50bp cut to the two-week repo rate, while the market is also on the lookout for new macroeconomic forecasts.
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EUR/CZK has inched higher and last trades +0.016 at 25.159 with local headlines doing little to affect price action. On the topside, the focus remains on 25.519, which represents the high print of Feb 15 and a cyclical high. Bears look for a sell-off past the psychologically significant 25.000 figure.

  • Czechia's GDP expanded by 0.4% Y/Y in 1Q24, according to advance data from the CZSO. On a quarterly basis, the economy rose 0.5%, which was the fastest pace in two years. There was little, if any, reaction in Czech assets, even as the data were marginally better than expected.
  • The focus is on CNB rate decision due Thursday. There is broad understanding that the Bank Board will approve another 50bp cut to the two-week repo rate, while the market is also on the lookout for new macroeconomic forecasts.