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Koruna Extends Gains Into Weekend

CZK

EUR/CZK keeps losing altitude and last trades -0.027 at 24.395. A sustained break below the 23.6% retracement of the YtD range/Nov 3 low of 24.384/24.365 would allow bears to target the 24.3 support area. Bulls continue to target Oct 26, 2023/Jul 7, 2022 highs of 24.747/24.797.

  • The IMF said that Czechia's GDP is unlikely to return to its pre-COVID trajectory until 2028, with the country facing headwinds from Russia's invasion of Ukraine, disruptions in global value chains, rising energy commodity prices, falling real wages and tight monetary policy.
  • Overall economic sentiment in Czechia improved this month, as the uptick in business confidence outweighed a drop in consumer sentiment.

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