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EURCZK Unfazed by Rate Decision, Focus Turns to CNB Presser

CZK
  • EURCZK has reacted little in the immediate aftermath of the rate announcement, though the cross had seen a modest uptick in the minutes leading up to the decision. While all analysts surveyed by Bloomberg had foreseen the 50bp move, markets were pricing ~35bp of cuts for this meeting (as per several notes released throughout the week).
  • Overall, today’s moves are limited in scale with the cross well-contained within recent ranges, up 0.2% on the day. Topside focus remains on the 50-day EMA at 25.204, while the 25.00 round number figure marks support.
  • Governor Ales Michl’s post-decision press conference will begin at 14:45BST/15:45CEST, alongside the release of the policy statement.
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