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Koruna Ticks Higher Despite Weaker Economic Sentiment In Czechia

CZK

EUR/CZK last deals -0.012 at 24.396, with bears eyeing support from the 23.6% retracement of the Apr - Sep rally/broken resistance zone at 24.316/24.300. Bulls look for a resumption of gains past Sep 12, 2023/Sep 29, 2022 highs of 24.659/24.700.

  • Economic sentiment in Czechia deteriorated to -3.8 in September, with business confidence down to 0.4 from 5.5 prior and consumer confidence down to -20.5 from -18.0. The CZSO said that sentiment snapped a two-month spell of improvement and fell to the worst level since March 2021.
  • The focus this week is on the CNB's monetary policy decision, which will be announced this Wednesday. The central bank is widely expected to keep interest rates unchanged, but policymakers will likely discuss strategies for future easing.
  • CZGB curve has bear flattened today, with 2s leading losses. The PX Index sits ~0.2% above neutral levels.
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