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Koruna Creeps Higher But Struggles To Extend Recent Upleg

CZK

EUR/CZK has faltered this morning but is struggling to extend the latest downleg after snapping a five-day losing streak yesterday. The rate last deals -0.022 at CZK23.439. Should the rate move through yesterday's low of CZK23.412, bears would take aim at Mar 1 low of CZK23.343. Bulls look for a rebound towards Mar 28 high of CZK23.820 and Mar 17 high of CZK24.137.

  • CZGBs have advanced with yields last seen 2.4-9.3bp lower across the curve. The PX index is barely changed on the day as it keeps testing its 50-DMA.
  • The February outturn for Czechia's retail sales was better than forecast, coming in at -6.4% Y/Y versus -7.0% expected and January's upward revised -6.8%.

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