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PLN: CZK: Approaching 5.90 Ahead Of CNB Rate Decision

PLN
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PLN/CZK continues to hover near the 5.90 figure, struggling to break above there. The rate last sits at 5.8943, a touch lower on the session. A break above 5.90 would give bulls a green light for targeting Aug 16 high of 5.9148. On the downside, the focus is on the 100-DMA at 5.8382.

  • The CNB's monetary policy decision will be closely watched today, with the Czech central bank expected to lower interest rates by 25bp. Czech policymakers have already reduced the two-week repo rate by 250bp in the ongoing easing cycle. By contrast, their Polish colleagues have held rates unchanged since October last year and may only start loosening policy from next year. The discussion on cutting rates in Poland could potentially start as soon as in early 2025.
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PLN/CZK continues to hover near the 5.90 figure, struggling to break above there. The rate last sits at 5.8943, a touch lower on the session. A break above 5.90 would give bulls a green light for targeting Aug 16 high of 5.9148. On the downside, the focus is on the 100-DMA at 5.8382.

  • The CNB's monetary policy decision will be closely watched today, with the Czech central bank expected to lower interest rates by 25bp. Czech policymakers have already reduced the two-week repo rate by 250bp in the ongoing easing cycle. By contrast, their Polish colleagues have held rates unchanged since October last year and may only start loosening policy from next year. The discussion on cutting rates in Poland could potentially start as soon as in early 2025.