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Koruna Little Changed, CNB Dep Gov Flags Wage-Price Spiral As Key Risk

CZK

EUR/CZK is little changed at CZK23.865 but remains in a clear downtrend. A fall below CZK23.700, which limited losses on Oct 30, 2008, would support the bearish case. Bulls look for a rebound above the 50-DMA, which kicks in at CZK24.189.

  • Note that the RSI has moved into oversold territory (the index sits at 28.0 at typing), albeit it remains above the lower 2.0% Bollinger band (CZK23.827).
  • CZGB yields remain mostly lower, despite cutting their earlier losses. The PX index refreshed cyclical highs and last operates ~0.5% better off.
  • CNB Deputy Governor warned that a wage-price spiral would be the main upside risk to inflation and could warrant renewed monetary tightening, but she said preliminary evidence suggests that wage growth remains at acceptable levels.
  • Presidential frontrunner Petr Pavel again cancelled some of his campaign engagements due to health issues but will participate in a TV debate today.
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