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Koruna Garners Strength Amid CE3 Comeback


EUR/CZK trades -0.144 at CZK23.846 with external forces in the driving seat in the absence of notable domestic developments. The rate extends its pullback from a new cyclical high printed on Mar 17 at CZK24.137. Further losses past the 50-DMA at CZK23.766 would reassure bears and bring Mar 1 low of CZK23.343 into view. Conversely, bulls look for a break above Mar 17 peak.

  • CZGB curve has steepened this morning, with yields seen -9.0bp to +0.5bp at typing. Local equity benchmark PX index has rallied ~1.7% thus far and is approaching its recently breached 50-DMA.
  • The local economic docket is empty until the release of monthly business and consumer confidence figures on Friday.

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