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Koruna Rangebound, PX Index Retreats

CZK

EUR/CZK oscillates around neutral levels amid limited domestic headline flow. The rate last sits +0.006 at CZK24.333, with bulls looking for a firmer push through Nov 25 high of CZK24.426, followed by the 50-DMA, which kicks in at CZK24.471. Bears see their initial target at CZK24.244, the low print of Nov 8.

  • The PX index trades sharply lower today, last sits ~1.5% lower on the session, printing its worst levels since Nov 4. The index has fallen below the floor of a channel drawn off Nov 14 peak, casting doubt on hopes for a bull flag formation and raising the prospect of a deeper sell-off.
  • In the absence of notable Czech risk events today, focus is on inflation data from Eurozone nations, due to potential spillover effects.
  • The Labour Ministry proposed raising the minimum wage by CZK1,100 per month next year and may hear the feedback from trade unions and employer organisations as soon as today.
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