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Koruna Slips Following Holub Comments; EURCZK Reaches Highest Since Sep’22

CZK

EURCZK reached its highest level since September 2022 following the Holub comments, marginally piercing the September 12 high at 24.659. The cross failed to make a clear break of the aforementioned level, but still stands 0.42% higher on the day at typing.

  • The 14-day EURCZK RSI has flirted close to “overbought” territory this week and is currently above the 70 threshold as the local currency underperforms compared to all of its peers in the EMEA region (PLNCZK: +0.23%; CZKHUF: -0.18%).
  • In addition to the Holub comments, a spike in the greenback and UST yields as well as the pullback in major equity indices are all providing a headwind to EM FX following the US CPI data.
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