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Koruna Loses Ground, Cabinet To Discuss Austerity Measures

CZK

EUR/CZK rebounds after charting another bearish candlestick yesterday, albeit with a relatively small body. The wider CE3 FX space struggles for gains versus the euro this morning. The rate last deals +0.042 at 23.668, with bulls looking for gains towards Mar 17 high of CZK24.137. On the flip side, bears see Jun 6 low of CZK23.510 as their initial target.

  • Czechia offers CZK9bn worth of notes maturing in Jun '31, Oct '31 and Jul '37 for sale today. Although the odds are high that the country will surpass its CZK295bn budget deficit target for this year, disinflationary data and the government's fiscal consolidation plans have lent some support to the local FI space. Fiscal austerity measures will be discussed at a Cabinet meeting this afternoon.
  • Other than that, the local docket is relatively light, with the market awaiting final Q1 GDP and CNB minutes on Friday.
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