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Koruna Loses Ground Despite Improvement In Confidence Indicators

CZK

EUR/CZK has crept higher and last changes hands +0.052 at 24.135 as CE3 currencies find themselves under pressure. A move higher through resistance zone around the 24.3 figure would reaffirm bullish technical conditions. Conversely, bears look for a dip through Aug 21 low of 23.977 towards the 200-DMA at 23.835.

  • CNB's Jan Kubicek said that Czechia's long-term neutral nominal interest rate, "or level toward which rates should aim while meting the 2% inflation target," is at 3%. He also said that the sales of proceeds from FX holdings will be conducted in such away as to avoid affecting the exchange rate.
  • Commenting on yesterday's round of weak European PMI data, CSOB write that "this is certainly not encouraging news for the domestic economy," with Germany again becoming "the sick man of Europe." They think that "we will most likely have to wait until 2024 for a faster pace of economic growth in the Czech Republic."
  • Czechia's economic sentiment improved this month, with both business and consumer confidence rising from previous month's levels.
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