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Koruna Slightly Weaker Ahead Of CNB Financial Stability Briefing

CZK

EUR/CZK has edged higher today and last trades +0.006 at CZK24.358 as parliament debates draft 2023 budget. The lower house is expected to pass a spending plan with a deficit of CZK295bn, around CZK80 lower than this year.

  • Reminder that the CNB will hold a press briefing on financial stability this afternoon. The livestream (in Czech) will be available on the central bank's website.
  • The PX index remains under pressure, extending its losing streak to four consecutive days as it prints worst levels since Nov 4. This contrasts with gains for V4 peers (Poland's WIG20 and Hungary's BUX).
  • The key near-term bullish target is provided by Nov 25 high of CZK24.426, followed by the 50-DMA which kicks in at CZK24.467. Bears look for a retreat towards Nov 8 low of CZK24.244.

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