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Koruna Weakens With CNB Rate Decision In Focus

CZK

EUR/CZK changes hands +0.030 at 24.960, with the CNB's next rate decision looming large amid uncertainty whether the central bank is ready to step up the pace of monetary easing. Implied volatility remains elevated ahead of tomorrow's decision.

  • From a technical perspective, bulls look for a sustained move through the psychological 25.0 figure and the 38.2% retracement of the 2020 - 2023 sell-off at 25.043. Conversely, bears keep an eye on Jan 2 high of 24.867.
  • Ruling coalition partners clashed over the proposal to adopt the euro, which remains a key bone of contention. An emergency meeting produced a compromise, whereby the European Affairs Minister refrained from appointing a special representative for entering the ERM II system, while Prime Minister Fiala promised to advance the debate on the matter by soliciting the opinions of economic consultative bodies.
  • Czechia's ex-auto retail sales rose 1.6% Y/Y in December, exceeding the median estimate of +0.7%.
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