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Koruna Tad Softer, Holds Familiar Range

CZK
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

EUR/CZK has been trading sideways in the second half of May and remains within a relatively narrow range. It last changes hands +0.033 at 24.698, with familiar technical levels still in play. A break above the 200-DMA (24.786) would expose the 50-DMA (25.089) & 100-DMA (25.101). Worth noting that the 50-DMA has just crossed below the 100-DMA, sending a bearish signal. On the downside, the focus is on Jan 8 YtD low of 24.458.

  • CZGB yields sit slightly higher across the curve, albeit the short end has now largely retraced initial losses. The Finance Ministry is looking to sell up to CZK5bn of 3.0% 2033 bonds, up to CZK3bn of 3.5% 2035 bonds, and up to CZK1bn of 1.5% 2040 bonds at an auction today.
  • A Bloomberg survey showed that the median forecast for the level of the CNB's key policy rate by end-2024 has shifted higher to 4.75% in Q2 from 4.25% in Q1.
  • The PX Index edges higher after failing to dip through support from its 50-DMA.
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EUR/CZK has been trading sideways in the second half of May and remains within a relatively narrow range. It last changes hands +0.033 at 24.698, with familiar technical levels still in play. A break above the 200-DMA (24.786) would expose the 50-DMA (25.089) & 100-DMA (25.101). Worth noting that the 50-DMA has just crossed below the 100-DMA, sending a bearish signal. On the downside, the focus is on Jan 8 YtD low of 24.458.

  • CZGB yields sit slightly higher across the curve, albeit the short end has now largely retraced initial losses. The Finance Ministry is looking to sell up to CZK5bn of 3.0% 2033 bonds, up to CZK3bn of 3.5% 2035 bonds, and up to CZK1bn of 1.5% 2040 bonds at an auction today.
  • A Bloomberg survey showed that the median forecast for the level of the CNB's key policy rate by end-2024 has shifted higher to 4.75% in Q2 from 4.25% in Q1.
  • The PX Index edges higher after failing to dip through support from its 50-DMA.