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Koruna Reverses Gains, Sticks To Tight Range

CZK

EUR/CZK trades +0.023 at 23.790, holding a familiar range so far. On the topside, the key near-term target is still Mar 17 high of 24.137. Bears see Jun 27 low of 23.573 as their initial target.

  • Labour & Social Affairs Minister Marian Jurecka said that the average pension will increase by roughly CZK400/month next year, following the implementation of measures to slow the automatic pension hikes. Jurecka confirmed that in autumn the Ministry will publish draft legislation that will, among others, raise the retirement age.
  • Czechia's car production rose 21.7% Y/Y in 1H2023, according to data from the Automotive Industry Association. However, "the persistent shortage of some components" may weigh on production in some vehicle categories in 2H2023.

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