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Koruna Loses Ground Ahead Of CNB Presser On Financial Stability

CZK

EUR/CZK trades +0.054 at 24.300 and the koruna is among the worst performers in the EMEA space alongside its CE3 peers PLN and HUF. The rate printed its worst level since early September at 24.203 before recovering later on. A move through Oct 26, 2023/Jul 7, 2022 highs of 24.747/24.797 is needed to revive the bullish theme. Bears look for a dip through the 38.2% retracement of the YtD range at 24.159.

  • The CNB will unveil the outcomes of its quarterly meeting on financial stability, including any adjustments to the countercyclical buffer (CCyB) rate and other macroprudential policy tools. The CCyB rate has already been cut twice this year, while the central bank flagged readiness to continue gradually bringing it lower.
  • Parliament debates the 2024 budget bill with a deficit target of CZK252bn. Prime Minister Fiala told lawmakers that "we need to improve the state of public finances" as the annual cost of debt servicing has reached CZK95bn.
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