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EUR/CZK Extends Losses, Hovers Just Above 24.0

CZK

EUR/CZK extends losses, probing the water below the 24.0 figure, with EUR/CE3 crosses staying under pressure. The latest leg lower in EUR/CZK coincides with a pullback in the BBDXY index. When this is being typed, EUR/CZK trades -0.078 at 24.003.

  • PLN/CZK is trying to make some headway beyond the previously flagged support levels (5.3759/5.3652) but to no avail so far. A close below this area would suggest that the tide might be turning, with a potential for a deeper pullback.
  • Komercni banka write that CNB repricing may have shielded the koruna this week from negative risk sentiment. They highlight that investors have pared their bets on the pace of the expected monetary easing cycle and the market is now pricing a 50-75bp reduction by the year-end. They think that "this is still a lot" and stick with their call for no change in interest rates until 2024.
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