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Staying Rangebound

CZK

EUR/CZK remains locked in a tight range around its recent levels, last changing hands +0.021 at 25.354. Familiar technical levels remain in play, with bulls looking for a break above Feb 15 high of 25.519, while bears keep an eye on the 25.00 figure and Jan 2 high of 24.867.

  • The PX Index yesterday found poise after a corrective pullback from cyclical highs and continues to recover, last dealing 0.25% above its prior close. Majority-state owned utility CEZ, which has been at the centre of political attention over the past few months, posted a dynamic 3.7% rebound on Tuesday, and has managed to defend those gains so far. With the PX Index sitting at 1,461, bullish focus remains on the psychologically significant 1,500 level approached last month.
  • CZGB yields are slightly higher across the curve, in line with regional trend. The government will offer for sale CZK7bn of bonds maturing in 2032, 2034 and 2040.
  • CNB's Tomas Holub gave an interview to Roklen TV yesterday, but his comments did little to rock the boat. The policymaker backed gradual, cautious monetary easing.
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