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Koruna Edges Higher, CNB Minutes & CPI Report Eyed Tomorrow

CZK

EUR/CZK changes hands -0.022 at 24.602, with bears looking for losses past Nov 3 low of 24.365 and towards teh 24.3 support area. Bulls eye Oct 26, 2023/Jul 7, 2022 highs of 24.747/24.797 for initial resistance.

  • Finance Minister Zbynek Stanjura told Bloomberg that the package of austerity measures introduced by the government "was worth it," despite backlash from the opposition and trade unions. The official said that deficit cuts will help bring inflation to the target, even as they may curb 2024 GDP.
  • The Czech Banking Association revised their 2024 GDP growth forecast for Czechia lower to +1.8% Y/Y and said that inflation will fall to +2.5% Y/Y next year. The new forecast was underpinned by expectations of a slower recovery in household consumption and weaker foreign demand.
  • While Czechia's economic docket for today is virtually empty, the CNB will release the minutes of its most recent monetary policy meeting tomorrow at 08:00GMT/09:00CET, alongside the publication of October CPI data by the CZSO.
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