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CZKPLN Approaching Key Resistance at 0.1791

FOREX
  • Momentum continues on CZKPLN amid little MP divergence between CNB and NBP.
  • Some market participants are now pricing in up to 3 CNB hikes this year, with the first hike starting as early as August.
  • On the other hand, NBP is expected to remain on hold until 2022 (if inflation risks do not intensify in the coming months).
  • The pair broke above its 0.1771 resistance this week and is gradually approaching its key resistance at 0.1791.
  • A break above that level would open the door for a move up to 0.1834, December 2011 high, which also corresponds to the pair's all time high.

Source: Bloomberg/MNI

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