CZK: Next year's CNB picture is unclear – ING

FXStreet Insights Team FXStreet

After yesterday's 25bp rate cut in Hungary, expect the same move in the Czech Republic today from the Czech National Bank, ING’s FX strategist Frantisek Taborsky notes.

CNB can push EUR/CZK below 25.00 today

“Today's meeting is without a new forecast and the board will only discuss an internal update. However, communication in recent weeks points to a 25bp rate cut to 4.25%. So, the focus will be on forward guidance for the next meeting and especially next year. Inflation in August was above the CNB's forecast by 0.4pp, which may see the governor stay on the hawkish side again.”

“The market expects three 25bp rate cuts by the end of this year and a terminal rate next year at 2.75%. This is below our economists' forecasts. However, this is still a possible scenario for this year, while next year goes against the central bank's communication of the end of the cycle above the neutral rate of 3% for now.”

“The market is thus strongly on the dovish side, but in the current conditions we see it difficult to go against the market at the moment in the rates space but remain positive on the CZK, which we think will benefit the most from CNB's hawkishness. EUR/CZK jumped lower yesterday and is approaching 25.050. We believe the CNB can push EUR/CZK below 25.00 today.”

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

GBP/USD slides below 1.3250 after failing to break through 23.6% Fibo

The GBP/USD pair meets with a fresh supply during the Asian session on Wednesday and moves away from a nearly two-week high around the 1.3275 region, touched the previous day. Spot prices currently trade around the 1.3235 zone, down 0.20% for the day, as traders look to speeches from Bank of England Governor Andrew Bailey and Federal Reserve Chair Kevin Warsh for a fresh impetus.

EUR/USD keeps losses near 1.1400 after soft Eurozone inflation data

EUR/USD keeps the offered tone intact near 1.1400 in European trading on Wednesday, pressured by softer Euronze and German inflation readings and receding bets for aggressive tightening by the European Central Bank (ECB). Traders will take more cues from the US Manufacturing PMI due later in the day.

Gold sticks to bearish bias below $4,000 amid Fed hike bets and Iran risks

Gold attracts fresh sellers following the previous day's good two-way price swings, and weakens further below the $4,000 psychological mark through the Asian session. This marks the third straight day of a slide and keeps the precious metal closer to its lowest level since November 2025. Moreover, a bullish US Dollar suggests that the path of least resistance for the bullion is to the downside.

Solana: Retail confidence backs SOL testing 50-day EMA breakout near $75

Solana price extends gains, testing the 50-day Exponential Moving Average around $75.00. Although institutional demand for Solana remains weak, stabilizing retail confidence, with rising funding rates and steady Open Interest, supports the mild recovery. The technical outlook for SOL shifts mildly bullish, projecting a potential breakout rally toward the $100 mark.

Kevin Warsh isn't expected to say much in Sintra: That's exactly why markets will listen

Financial markets could find an important catalyst in the enchanting, fairytale-like landscape of Sintra this week. The European Central Bank Forum will, as it does every year, gather the crème de la crème of central banks. The new boss at the Federal Reserve, who has clearly said that the Fed should stop explaining everything, will need to talk – and traders should listen.

Kevin Warsh isn't expected to say much in Sintra: That's exactly why markets will listen

Financial markets could find an important catalyst in the enchanting, fairytale-like landscape of Sintra this week. The ECB Forum will, as it does every year, gather the crème de la crème of central banks. The new boss at the Fed, who has clearly said that the Fed should stop explaining everything, will need to talk – and traders should listen.