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Koruna Little Changed, PX Index Resumes Gains After Best January In Two Decades
EUR/CZK trades flat at CZK23.775 as we type, hovering just above key support from Jan 30, 2023/Oct 30, 2008 lows of CZK23.716/23.700. A retreat past that level would reaffirm the underlying bearish theme. Conversely, bulls look for a rebound above the 50-DMA (CZK24.122) as the RSI is flirting with oversold territory.
- The PX index has resumed gains today and last trades almost 1% higher on the day. Czechia's benchmark stock index marked its best start to the year since 2000, rising by 11% in January, which makes it one of the world's best YtD performers. Momentum studies suggest that the index might be overbought, as the RSI last sits at 80.7, with bears on the lookout for a pullback below the 70 threshold.
- CZGBs have turned bid today, with yields faltering across the maturity curve. This allows 10-year CZGB yield to pull back from one-month highs touched yesterday.
- Czechia risks exacerbating its relations with mainland China after President-elect Pavel spoke with Taiwan leader Tsai, while lower house speaker confirmed her plan to visit Taiwan in March.
- Monthly budget balance will cross the wires later today. An expectation-beating (albeit still contractionary) M'fing PMI reading failed to move the Koruna.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.