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Koruna Slightly Firmer, CNB's Kubicek Calls Off'l Rate-Cut Forecast "Ambitious"

CZK

EUR/CZK remains on a short-term uptrend despite an intraday downtick this morning. The pair last deals -0.015 at 24.781, with bears looking for losses towards Jan 8 low/61.8% retracement of the Nov 29 - Jan 2 upleg at 24.458/24.457. Bulls see Jan 2 high of 24.867 as their initial key target and a clearance of that level would confirm that the broader uptrend remains intact.

  • CNB's Jan Kubicek told Bankovnictvi magazine that the scale of monetary easing implied by the central bank's in-house forecast (3.5% at end-2024) is "quite ambitious" and noted that core inflation will be important for rate path. The official said that core CPI will likely stay around +3.0% Y/Y through 2024.
  • CZGBs are mostly a tad higher across the curve, while the PX Index has rallied 0.7%.
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