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Koruna Slips, Local Data Under Scrutiny

CZK

EUR/CZK has edged higher to last trade +0.014 at 24.622, with bulls looking to challenge Jan 2 high of 24.867. On the downside, the focus is on the 50-EMA, which intersects at 24.519. CZGB curve has twist steepened in early trade.

  • CNB Deputy Governor Eva Zamrazilova said that the monetary easing cycle will continue after the first 25bp cut delivered in December, but its pace will ultimately depend on how fast inflation converges to the target.
  • Czechia's industrial output surprised to the downside in November, contracting 2.7% Y/Y versus -1.5% expected. On the other hand, trade surplus widened thanks to a strong showing of motor vehicles exports.
  • Local media outlets are covering the renewed debate on the adoption of the euro after Deputy Prime Minister Marian Jurecka suggested that Czechia could meet the Maastricht criteria this year.
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