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Koruna Trades Flat, EUR/CZK Unwinds Overbought Conditions

CZK

Czech headline flow remains uninspiring this week, keeping EUR/CZK exposed to broader developments. The rate last deals at 25.320, virtually unchanged on the day. Its recent downtick has allowed for the unwinding of overbought conditions, with the RSI moving back below the 70 threshold. A rebound above Feb 15 high of 25.519 would confirm that bullish momentum is picking up again. Conversely, bears look for renewed sales towards 24.867, which capped gains on Jan 2 but gave way in the subsequent weeks.

  • The PX Index extends its upswing, adding 0.5% from yesterday's close, printing fresh cyclical highs in the process. CEZ shares rallied Wednesday (+2.1%) and are consolidating those gains. Seznam Zpravy ran an analysis piece noting that the ruling coalition buried the so-called "lex CEZ" but may explore alternative strategies of nationalising the energy utility.
  • The koruna has been happy to track its CE3 peers, albeit it underperforms both. PLN/CZK sits +0.1%; CZK/HUF operates -0.1%.
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