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Koruna Little Changed After Release Of CNB Minutes

CZK

EUR/CZK trades +0.003 at 24.438 as market participants mull CNB minutes. From a technical standpoint, bulls look for gains towards Sep 12, 2023/Sep 29, 2022 highs of 24.659/24.700. Bears keep an eye on the familiar 24.3 support area.

  • The minutes of last week's Bank Board meeting showed that several policymakers refused to rule out cutting rates already this year. However, the panel stressed the need to proceed in a cautious, gradual manner amid persistent risks to the inflation outlook.
  • Finance Minister Zbynek Stanjura said that the current fiscal consolidation package will be this government's last before the 2025 general elections.
  • Czechia's ex-auto retail sales fell 2.8% Y/Y in August versus -1.9% expected, indicating continued weakness of the Czech consumer.

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