Czech Koruna Eases From Asian Session Highs Against US Dollar

The Czech koruna halted its Asian session's rally versus its US counterpart in early trading on Monday following the report showed that the nation's retail sales decreased more than analysts had predicted. The koruna that climbed to 17.485 against the greenback around 2:40 am ET reversed its course thereafter and slipped back to below the 17.6 level after five hours.

The Czech Statistical Office announced that the retail sales at constant prices decreased an unadjusted 4.7% year-on-year in October, compared to the 7.3% fall in September, revised from 7.6% decline reported initially. Economists were looking for a decline of 4.6%.

At the same time, the statistical office announced that the industrial production dropped a seasonally adjusted 7.2% year-on-year in October, revised from 7.3% fall reported initially. In September, industrial production was down 11.5%. On a monthly basis, industrial production increased 1% in October.

The dollar-koruna pair ended Friday's trading higher at 17.69. If the domestic currency sheds gains further, it may test the 17.667 support level in near-term.

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