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Koruna Looks Through CNB Rate Decision, Focus Turns To Presser

CZK

EUR/CZK sits -0.036 at CZK23.559, showing a muted reaction to the CNB's monetary policy decision. The central bank decided to keep interest rates and the existing FX regime unchanged. This was in line with expectations, despite a debate in some quarters of the Czech analytical community on the odds of a surprise hike.

  • The press conference with Governor Ales Michl will get underway at 14:45BST/15:45CEST alongside the publication of the full statement and updated macroeconomic forecasts. The market will be prepared for hawkish rhetoric given the on-hold rate decision.
  • CZGBs continue to trade on the front foot, with 10s leading gains. The PX index holds a tight range near unchanged levels.

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