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Koruna On Back Foot, Data Eyed Closer To Weekend

CZK

EUR/CZK has edged higher to last trade +0.027 at 24.327, snapping a four-day losing streak. A break above Oct 26, 2023/Jul 7, 2022 highs of 24.747/24.797 would allow bulls to regain the initiative. Conversely, bears look for a clean break below the 24.3 support area after the pair probed the water below there. Coming up next is the 38.2% retracement of the YtD range at 24.159.

  • Komercni banka wrote that the koruna may have benefited yesterday from an upward revision to Czechia's credit rating outlook (Moody's) announced just ahead of the weekend. It is worth adding that the decision was supported by the Czechia's fiscal consolidation efforts, which are imposing some political costs on the government.
  • There is little of note on the local data docket this week until the release of preliminary Q3 GDP data, as well as November S&P Global Manufacturing PMI and budget balance on Friday.
  • CZGBs are mostly slightly higher across the curve, with the short end posting heaviest losses.
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