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Koruna Advances During Final Stage Of Fiscal Consolidation Debate

CZK

EUR/CZK operates -0.053 at 24.626, with the koruna outperforming its CE3 peers PLN and HUF. From a technical perspective, bears look for a retreat towards the 24.3 support area. Meanwhile, resistance from Sep 12, 2023/Sep 29, 2022 highs was briefly pierced today and bulls look for a resumption of gains, which could bring Jul 7, 2022 high of 24.797 into play.

  • Czechia's current account deficit widened to CZK26.31bn in August from CZK16.46bn prior versus expectations of a CZK20.50bn shortfall, which may be limiting koruna gains to an extent.
  • The Chamber of Deputies was expected to approve the government's fiscal consolidation package in final reading today.
  • CZGB yield curve has flattened at the margin, with the short end underperforming.
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