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Koruna Loses Ground Alongside CE3 Peers

CZK

EUR/CZK trades +0.056 at CZK23.835 as CE3 currencies underperform the rest of the EMEA pack this morning. From a technical point of view, bulls look for a break above Mar 17 high of CZK24.137, while bears keep an eye on Jun 6 low of CZK23.510.

  • The countdown has started for the CNB's next monetary policy meeting, which will wrap up on Wednesday. Recent economic data and CNB communications reduced the perceived odds of another rate hike, as price pressures continue to ease, while the government has finally unveiled its fiscal consolidation plan. This resulted in a downward adjustment to the local FRA curve, as market participants pared hawkish bets, turning their focus to the timing of the first rate cut.
  • The Chamber of Deputies voted 85-79 in favour of amendments tightening the conflict-of-interest regulations, which the main opposition ANO party claims was targeting its leader, business tycoon and former Prime Minister Andrej Babis.
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