Koruna Edges Lower Awaiting CNB Comments On Inflation
EUR/CZK gains for the seventh consecutive day, despite broad-based weakness in the greenback. The rate has struggled to test the prior trading day's high and last operates +0.023 at 24.434. Further gains past 24.470 would pave the way to an attack on Oct 26, 2022 high of 24.56. Bears look for a correction below the broken resistance area around the 24.3 figure.
- Czechia's CPI inflation eased to +8.5% Y/Y, matching consensus and the CNB forecast. However, Komercni banka pointed to the gradual fading of base effects. The CNB will comment on the data at the top of the hour.
- The koruna has been exposed to depreciation pressures since the CNB decided to formally end its intervention regime.