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EURCZK Tests Yesterday’s Lows; CNB Blackout Period Begins

CZECHIA
  • The koruna has started the session on the front foot and has tested yesterday’s lows at 24.404 in recent trade. Price action places the currency second to only the Polish zloty in the EMEA FX space. With no major domestic economic releases on the docket for the remainder of the week, attention will turn to the Fed rate decision later today.
  • Today marks the beginning of the central bank board blackout period ahead of the Sep 27 policy rate decision. Deputy Governor Jan Frait said yesterday that the CNB may consider lowering borrowing costs this year, but that any monetary easing will be “very cautious” and most likely happen at a slower pace than investors expect. Governor Ales Michl said earlier this week “Don’t expect at all that we will cut in September, October or something like that. Just forget about rate cuts. We will keep restrictive monetary policy until we are certain that inflation will be around 2% not only in the first half of 2024 but also later.”
  • Elsewhere, the parliamentary budget committee will debate a package of bills designed to cut the budget deficit at 0800BST/0900CET.
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