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CZK: Koruna Little Changed To Marginally Firmer, Budget Matters Take Focus

CZK
EM BulletCzech RepublicBulletEmerging Market NewsCentral and Eastern EuropeCzechia

EUR/CZK trades -0.009 at 25.139 as we type, with the koruna lagging its CE3 peers. Technically, the round figure of 25.0 continues to mark the key initial bearish target. Bulls look for gains past the nearby 100-DMA (25.192) and 50-DMA (25.215), followed by Nov 6 high of 25.449.

  • The focus turns to fiscal matters, with Prime Minister Fiala and Finance Minister Stanjura set to hold a media briefing on the execution of the 2024 state budget. The presser has been scheduled for 12:00GMT/13:00CET. An hour later, the Finance Ministry will release monthly budget data for December. This comes as CNB Governor Michl called on the government to balance the budget to curb inflationary pressures.
  • The PX Index refreshed cyclical highs before pulling back and last sits 0.3% below neutral levels. The RSI has been in overbought territory roughly since mid-December, which keeps market participants on alert for a possible correction.
  • CZGB curve runs slightly flatter, with the short end underperforming.
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EUR/CZK trades -0.009 at 25.139 as we type, with the koruna lagging its CE3 peers. Technically, the round figure of 25.0 continues to mark the key initial bearish target. Bulls look for gains past the nearby 100-DMA (25.192) and 50-DMA (25.215), followed by Nov 6 high of 25.449.

  • The focus turns to fiscal matters, with Prime Minister Fiala and Finance Minister Stanjura set to hold a media briefing on the execution of the 2024 state budget. The presser has been scheduled for 12:00GMT/13:00CET. An hour later, the Finance Ministry will release monthly budget data for December. This comes as CNB Governor Michl called on the government to balance the budget to curb inflationary pressures.
  • The PX Index refreshed cyclical highs before pulling back and last sits 0.3% below neutral levels. The RSI has been in overbought territory roughly since mid-December, which keeps market participants on alert for a possible correction.
  • CZGB curve runs slightly flatter, with the short end underperforming.