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Free AccessKoruna Keeps Losing Ground, Ignores CNB Minutes
EUR/CZK topped out at CZK23.630, its best level since Mar 1. Hawkish CNB minutes failed to offset the impression left by below-forecast inflation data earlier this week. The pair last deals +0.073 at CZK23.618 and bulls see the 100-DMA/May 1 high of CZK23.701/23.705 as their initial target. Bears keep an eye on May 9 low of CZK23.340.
- Karina Kubelkova and Tomas Holub initially voted for a 50bp rate rise at the most recent Bank Board meeting and later moderated their call to a 25bp hike as a compromise, this time joined by Jan Prochazka. The Bank Board showed concern about tight labour market and expansionary fiscal policy, something that Governor Michl communicated during his press conference.
- Note that the CNB changed the text of the minutes on their website. The initial version erroneously stated that the motion to deliver a 50bp rate hike was backed by Kubelkova and Prochazka.
- Czechia's current account surplus shrank to +CZK11.27bn in March from +CZK13.31bn prior, topping the +CZK10.10bn consensus call.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.