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Koruna Retraces Earlier Losses, CNB Takes Focus This Week

CZK

EUR/CZK trades flat at 24.936 after refreshing cyclical highs at 25.036. A sustained move through the 25.000 figure would allow bulls to set their sights on the 38.2% retracement of the Mar 19, 2020 - Apr 14, 2023 sell-off at 25.043. Bears look for a pullback past Jan 2 high of 24.867 and towards Jan 8 low of 24.458.

  • The CNB will announce its next monetary policy decision on Thursday. A slight majority of analysts (14/24) polled by Bloomberg currently think that the Bank Board will lower the two-week repo rate by 25bp, even as two policymakers put the prospect of a bolder move on the table last week.
  • CZGB yields are mostly a touch higher across the curve, while the PX Index has added 0.4%.

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