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Koruna Strengthens To Best Levels Since 2008, Industrial PPI Beats Expectations

CZK

A fresh round of sales this morning has taken EUR/CZK through the CZK23.6 figure and to a fresh multi-year low of CZK23.550. While the pair's initial reaction to the release of above-forecast PPI data has been limited, it may have eventually applied some pressure.

  • Data showed that industrial PPI rose 19.0% Y/Y in January, exceeding to +14.6% consensus forecast. The expectation-beating PPI outturn is unlikely to prompt the CNB to change tack, as most policymakers prefer keeping interest rates stable and maintaining a strong exchange rate.
  • The Czech Koruna is the bets EMEA performer at typing, with EUR/CZK sitting -0.069 at CZK23.560. Losses past Aug 1, 2008 low of CZK23.445 would give bears a green light for targeting Jul 21, 2008 low of CZK22.877.
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