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Koruna Loses Ground, 50-DMA Gives Way To Rallying EUR/CZK


EUR/CZK closed above its 50-DMA yesterday for the first time since mid-October and extends these gains today. The pair last changes hands +0.150 at CZK23.927, hitting its best levels since early February. Further gains past Feb 6 high of CZK24.023 would support the bullish case, while bears look for a pullback towards Mar 1 low of CZK23.343.

  • CZGBs are now slightly firmer across the curve, having reversed their initial losses. The PX index is ~1.4% worse off after printing new cyclical lows this morning.
  • Czechia's industrial PPI grew 16.0% Y/Y in February, missing the +16.8% consensus forecast. The local statistics office said that factory-gate inflation slowed across all producers.
  • CNB Deputy Governor Eva Zamrazilova reiterated that a strong Koruna is effective in curbing inflation by limiting exporter profitability.

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