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Koruna Keeps Losing Ground

CZK

The koruna depreciates further, with EUR/CZK sitting +0.045 at 23.951. Bulls look for continued gains towards Mar 17 high of 24.137, a key near-term topside target. Bears see Jun 27 low of 23.573 as their initial target.

  • Participants are reconsidering CNB rate outlook after Deputy Governor Eva Zamrazilova suggested that the question facing policymakers now is when it will be possible to lower interest rates, indicating a shift in central bank deliberations. She also unveiled a slightly weaker outlook for the koruna than implied by the CNB's official projection. These comments came on the heels of long-standing hawk Tomas Holub's move to the rate-stability camp in the Bank Board, as well as a string of disinflationary data outturns.
  • The local economic docket is very light until the publication of advance Q2 GDP (Jul 31) and CNB monetary policy decision (Aug 3).
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