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Koruna Trades Flat After CNB's Frait Says Can't Promise Rate Cuts This Year

CZK

EUR/CZK trades flat at CZK24.034, with participants digesting the latest developments in the Czech presidential campaign and comments from CNB's Jan Frait. Bulls look for gains past the 50-DMA, which kicks in at CZK24.251, while bears see Jan 9 low of CZK23.927 as their initial target.

  • CNB's Frait conceded that Czechia may experience "mild recession" this year, but refused to confirm that rate cuts are on the table this year, unless "inflationary pressures ease significantly." He noted that there is "no major reason for significant volatility or for depreciation of the Koruna," with the currency trading near its best levels versus the euro in some 12 years.
  • On the data front, Czechia's retail sales contracted more than expected in November as elevated inflation took its toll.
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