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Koruna Inches Higher, CNB Rate Decision Eyed Next Week


EUR/CZK remains under mild pressure today and last trades -0.013 at CZK23.768, with the koruna edging ahead of its CE3 peers. Bears need a dip through Jun 6 low of CZK23.510 to regain poise, while bulls look for a rally above Mar 17 high of CZK24.137.

  • The CNB confirmed that all seven members of the Bank Board will attend a monetary policy meeting on Wednesday. Disinflationary signals in latest macroeconomic data and a dovish shift in communications have decreased the odds of a rate hike next week, cementing expectations of another on-hold decision.
  • CZGBs are slightly weaker across the curve, while the PX Index sits ~0.5% lower on the day.

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