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CZECHIA: Koruna Treads Water, Looks For Fresh Catalysts

CZECHIA
EM BulletCzech RepublicBulletEmerging Market NewsCentral and Eastern EuropeCzechia

EUR/CZK trades at 25.048, holding onto a narrow range. Bulls look for gains towards the 50-DMA (25.111) and 200-DMA (25.147), while bears keep an eye on Feb 26 low of 24.896.

  • The Chamber of Deputies is debating legislative amendments designed to make the labour market more flexible. According to the latest reports, ODS and TOP 09 failed to persuade their coalition partners to back the most contentious proposal to allow employers to make a worker redundant without providing a reason, but other proposed amendments are set to be approved.
  • The CNB's stock of foreign reserves rose to the equivalent of $148.7bn in February from $148.2bn prior, or to EUR142.8bn from EUR142.6bn. The pace of FX sales accelerated to EUR300mn/month in January after a temporary slowdown in December.
  • CZGB yields have rebounded after initial downticks. The PX Index is little changed after refreshing all-time highs.
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EUR/CZK trades at 25.048, holding onto a narrow range. Bulls look for gains towards the 50-DMA (25.111) and 200-DMA (25.147), while bears keep an eye on Feb 26 low of 24.896.

  • The Chamber of Deputies is debating legislative amendments designed to make the labour market more flexible. According to the latest reports, ODS and TOP 09 failed to persuade their coalition partners to back the most contentious proposal to allow employers to make a worker redundant without providing a reason, but other proposed amendments are set to be approved.
  • The CNB's stock of foreign reserves rose to the equivalent of $148.7bn in February from $148.2bn prior, or to EUR142.8bn from EUR142.6bn. The pace of FX sales accelerated to EUR300mn/month in January after a temporary slowdown in December.
  • CZGB yields have rebounded after initial downticks. The PX Index is little changed after refreshing all-time highs.