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Free AccessKoruna Wipes Out Earlier Gains, China Frowns On Pavel's Planned Call With Taiwan's Tsai
EUR/CZK has rebounded from a new 14-year low and last trades +0.046 at CZK23.856. The expected victory of pro-Western former army general Petr Pavel brings the prospect of increased stability in domestic politics, but the focus has turned to his planned phone call with Taiwan's President Tsai Ing-wen, which would raise the risk of spoiling diplomatic relations with mainland China.
- Beijing's Foreign Ministry said it has reached out to Czechia to verify media reports surrounding the potential call between President-elect Petr Pavel and Taiwan's leader Tsai Ing-wen.
- From a technical standpoint, bulls look for EUR/CZK to break above the 50-DMA, which intersects at CZK24.146. Conversely, a retreat under Oct 30, 2008 low of CZK23.700 would open up room for further losses.
- CZGB yields have advanced and generally sit slightly higher across the curve, albeit the belly outperforms. The PX index lodged new cyclical highs this morning before trimming gains and last operates just north of neutral levels.
- There are no local data releases today, with advance Q4 GDP data coming up tomorrow. Looking further afield, the CNB is expected to leave interest rates unchanged on Thursday.
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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.