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Koruna On Back Foot, CNB Rate Decision Eyed

CZK

Weakness in CE3 FX space provides the backdrop of today's koruna depreciation, albeit the currency has been losing strength over the past few days, with market participants mulling today's CNB rate decision (13:30GMT/14:30CET). The consensus call is for the central bank to cut its policy rate by 50bp. If the decision meets expectations, the focus will fall on the statement and the subsequent press conference (14:45GMT/15:45CET) with Governor Ales Michl.

  • EUR/CZK last deals +0.022 at 25.293 and a familiar technical picture remains in play. Bulls hope to reclaim Feb 15 high of 25.519 before looking for further gains. Bears keep an eye on the 50-DMA, which limited losses on Mar 18, as well as the round figure of 25.000.
  • CZGB yield curve has bear steepened ahead of the CNB decision, even as POLGBs and HGBs trade on a slightly firmer footing. The PX Index has inched higher, moving closer to the psychologically significant 1,500 figure.
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