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Koruna On Back Foot After Relatively Quiet Week

CZK

EUR/CZK has inched higher and last sits +0.033 at 25.389, with bulls eyeing resistance from Feb 15 high of 25.519. A move through that cyclical peak would allow bulls to set their sights on Mar 2, 2022 high of 25.936. On the downside, the focus is on Jan 2 high of 24.867. Note that the pair's recent consolidation near multi-month highs has allowed the RSI to return from overbought territory.

  • Czechia's overall economic sentiment dropped this month, as a decline in business confidence outweighed an improvement in consumer confidence. Komercni banka wrote that despite its uptick, consumer sentiment remains below its long-term average, and a significant improvement can only be expected in 2H2024 when broader economic recovery picks up.
  • CZGB yields are a tad higher across the curve. The PX Index has ticked away from cycle highs, coming under modest pressure this morning.
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