The Czech Republic just lifted its koruna cap

The Czech central bank lifted its koruna cap on Thursday, after which the currency oscillated wildly before gaining ground.

The Czech koruna is up by 1.3% at 26.6830 per euro as of 7:53 a.m. ET.

“The Bank has said little so far, other than that interest rates have been left unchanged and that it stands ready to intervene in the FX market if needed to prevent excessive currency moves,” William Jackson, senior emerging markets economist at Capital Economics, wrote.

“The move came earlier than we and most others had anticipated — we had excepted the cap to be lifted at the scheduled Council meeting on 4th May,” he added.

The Czech central bank will be holding a press conference at 2:15 local time in Prague (8:15 a.m. ET).

As for the rest of the world, here’s the scoreboard as of 7:59 a.m. ET:

  • The Indian rupee is up by 0.8% at 64.517 per dollar after the Reserve Bank of India held its key interest rate at 6.25% and raised its reverse repo rate by 25 basis points to 6.00%. “Overall, the MPC’s considered judgment call to wait out the unravelling of the transitory effects of demonetization has been broadly borne out,” the bank’s statement said.
  • The euro is little changed at 1.0662 against the dollar. Earlier, German factory orders came in at up 3.4% month-over-month in February, below expectations of a 4.0% gain.
  • The US dollar index is little changed ahead of initial jobless claims, which will cross the wires at 8:30 a.m.
  • The Russian ruble is little changed at 56.3384 per dollar, while Brent crude oil, the international benchmark, is up by 0.5% at $US54.65 per barrel.
  • The British pound is down by 0.2% at 1.2457 against the dollar.

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