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CNB Says Inflation Should Return To Single Digits Around Mid-2023


The Koruna trades in a stable manner near levels reported in the previous CZK bullet, as the CNB's comments on inflation dynamics came and went. EUR/CZK last changes hands +0.013 at CZK24.311, with the Eurozone's shared currency outperforming among major currencies.

  • USD/CZK last deals -0.0645 at CZK22.995q, narrowing in on cyclical lows printed yesterday at CZK22.9502. A break here would shift focus to Jun 9 low of CZK22.8930. Conversely, bulls look for a rebound above Nov 30 high of CZK23.6604.
  • The CNB said that inflation "remained well above the upper boundary of the tolerance band" last month, but the reported figure was "more than two percentage points lower than expected in the CNB's autumn forecast," "due mainly to administered prices." The central bank added that inflation should fall to single-digit levels in mid-2023 amid tighter monetary policy and other factors.

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