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Koruna Lags EMEA Peers Despite More Favourable Risk Backdrop

CZK
  • While slightly firmer equities are indicative of the more stable risk backdrop, EM FX continues to face pressure. The Czech koruna was one of the few major emerging market currencies to have recorded gains against the dollar yesterday, though the local currency is underperforming the majority of its EMEA peers today (only the Hungarian forint and Russian ruble performs worse).
  • USDCZK is up 0.41% at typing and recorded a high of 22.8362 earlier in the session, placing it at its highest since mid-November. Meanwhile, EURCZK has found resistance at yesterday’s high of 24.794. A break of that level could signal scope for a sustained move higher toward the Jan 2 high of 24.867 – a near 20-month high.
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