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Koruna On Back Foot, Senate Votes On Top Court Nominations


EUR/CZK has crept higher amid risk-off sentiment and easing domestic rate-hike expectations. The pair last deals +0.048 at CZK23.730, with topside technical focus falling on May 19/Mar 28 highs of CZK23.797/23.820. Conversely, bears look for a sell-off past May 25 low of CZK23.592, which would open up May 9 low of CZK23.340.

  • There has been a further downward adjustment to Czechia's FRA curve as market participants continue to ponder yesterday's below-forecast GDP figures and relatively dovish CNB speak. Several local sell-side desks wrote in their morning notes that the data reduced the odds of another rate hike in Czechia.
  • The Senate is preparing to decide on the nominations for Constitutional Court judges. Local press reports suggest that the sentiment in the upper house seems to be leaning towards approving all three candidates, despite the objections from some lawmakers. The decision will be taken by secret ballot.

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