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Sharp Sell-off on CZK Amid Fading Growth Expectations

CZECHIA
  • With European governments slowly preparing for new rounds of lockdowns, growth expectations have been fading and therefore weighing on the Euro but also on CEE currencies.
  • The rise in uncertainty over the economic outlook has led to rising demand for 'safe' assets such as the USD and US Treasuries.
  • USDCZK surged by nearly 1% to a high of 22.47 following German Health Minister saying that government cannot rule out a lockdown.
  • Next resistance to watch on the topside stands at 22.50, followed by 22.93 (Nov 2020 highs). On the downside, first support stands at 22.22, followed by 22.14.
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