Koruna Loses Altitude, Czech Trade Surplus Misses Median Estimate

EUR/CZK has crept higher this morning and last changes hands +0.042 at CZK23.626. Bulls continue to target the descending 50-DMA, which intersects at CZK23.794. On the flip side, bears take aim at Mar 1 low of CZK23.343.

• CZGB yields are generally slightly higher across the curve, with 7s underperforming as we type. The PX index has eased off and last trades ~0.7% lower on the day.
• Czechia's Senate yesterday approved the government's plan to slow the rise in pensions. The bill still requires a presidential signature to become law, albeit the lower house has the power to override the Castle's veto.
• Czechia's trade balance flipped into a surplus of CZK9.5bn in January from a revised deficit of CZK0.2bn prior, missing expectations of a CZK13.1bn surplus.
• Petr Pavel will today take office as Czech President. Separately, the CNB will announce its quarterly decision on the countercyclical buffer rate.