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Koruna Remains On Front Foot, CNB Data Show There Were No FX Interventions In Nov

CZK

The Czech Koruna outperforms its CEE peers after data from the CNB showed that Czechia's international reserves grew for the second consecutive month, while central bank officials issued some relatively hawkish comments over the weekend.

  • The continued expansion in FX reserves was facilitated by the reduced need for propping up the Koruna via interventions in currency markets. The data released today showed that November was the first month without CNB interventions since Dec 2021, with analysts noting that the Koruna is now strengthening on the back of market factors.
  • EUR/CZK trades -0.041 at CZK23.985, having printed a new 12-year low at CZK23.927 earlier today, with familiar technical levels still in play.
  • USD/CZK last seen -0.201 at CZK22.372, hitting its worst levels since April. A clean break under Apr 21 low of CZK22.307 would expose Mar 31 low of CZK21.840.
  • PLN/CZK trades +13 pips at CZK5.1157, holding last Friday's range. CZK/HUF operates +1,011 pips at HUF16.5169, moving away from two-month lows.
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