Free Trial

Koruna Weakens Alongside Regional Peers

CZK

The Koruna has pulled back from its best levels versus the Euro since 2008 amid broader weakness in CEE currencies today. EUR/CZK has now virtually erased yesterday's losses and last trades +0.124 at CZK23.482, with bulls looking for a move through the 50-DMA at CZK23.862 and bears eyeing support from yesterday's low of CZK23.343.

  • CZGBs have sold off on the lead from core FI space. The PX index has eased off from cyclical highs printed yesterday at 1,428.
  • There has been little in the way of market reaction to a blog post written by CNB's Jan Frait who highlighted the role of the exchange rate channel of monetary policy and refused to rule out further tightening, while assessing that the current monetary conditions are restrictive.
  • Parliament debates a contentions pension bill for the third consecutive day, with the opposition trying to obstruct the passage of the legislation. The government wants to adopt the bill by March 22.
  • Czechia's flash Q4 GDP data will cross the wires tomorrow morning.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.