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Koruna On Back Foot Alongside Regional Peers

CZK

The initial bid in EUR/CZK is fading somewhat after the rate peaked at 24.659, although the pair continues to trade +0.080 at 24.611. An uptick in greenback strength and continues spillover from Polish markets keep CE3 currencies under pressure, while Czech inflation figures from yesterday did little to alter current CNB rate-cut expectations.

  • Bank Board's Jan Prochazka said that the market pricing is now more aligned with CNB communications, with participants looking for one rate cut towards the end of the year or early next year.
  • Technically, bulls would be pleased by a break above Sep 29, 2022 high of 24.700, which would expose Jul 7, 2022 high of 24.797. On the flip side, bears look for a pullback under former resistance zone around the 24.3 figure.
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