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Koruna Appreciates, FinMin Cuts 2024 GDP Forecast

CZK

EUR/CZK has sold off and last deals -0.047 at 24.803 as the koruna garners strength along its CE3 peers. Bears need a move through Jan 8 low of 24.458 to regain poise, while bulls look for a jump above the 25.000 figure.

  • The Finance Ministry released the latest edition of its quarterly macroeconomic forecast, revising the 2024 GDP projection to +1.2% Y/Y from +1.9% in November as the outlook for household consumption and exports deteriorated. Inflation is expected to remain below +3.0% Y/Y for most of this year. Click here to see the summary of the new forecast.
  • CZGB yields are slightly higher across the curve, which runs a tad flatter. The PX Index operates 0.1% above neutral levels.

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