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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CZECHIA
- CZKRUB has been retracing higher in the past two days following the strong consolidation last week amid RUB strength after the CBR decided to raise its benchmark rate by 50bps on Friday (April 23rd) to 5% (due to growing concerns over rising inflationary pressures).
- The CBR adjusted its year-end inflation forecast notably higher, from 3.7%/4.2% interval to 4.7%/5.2%.
- The chart below shows that CZKRUB got strong support at 3.48, which represents the 38.2% Fibo retracement of the 3.31 - 3.59 range (2021 low/high).
- Traders have been chasing the CZK momentum in recent weeks as CNB will still be the first central bank to stat hiking rates in Western/CEE Europe this year.
- Key resistance to watch on the topside stands at 3.60, which represents the pair's all time high.
- On the downside, next support to watch after 3.48 stands at 3.45 (50% Fibo, 100D SMA).
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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