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Koruna Slightly Firmer, CNB Gov Reaffirms Familiar Stance

CZK

EUR/CZK trades -0.013 at CZK23.757, hovering just above recent 15-year lows. Should the rate fall past Feb 10 low of CZK23.664, bears could set their sights on Aug 1, 2008 low of CZK23.445. On the flip side, bulls keep an eye on the 50-DMA, which intersects at CZK24.017.

  • CZGB yields are 1.1-5.0bp lower across the curve despite ticking away from worst levels of the session. The PX index has extended its bull run, adding ~1% so far and hitting its best levels since February 2022.
  • CNB Governor Michl reaffirmed his view that the combination of stable interest rates and strong exchange rate is helping to curb inflation.
  • Czechia will see little in the way of notable data flow in the coming days.
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