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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI:Largest Canada New Home Price Dip Since `09 Led By Toronto
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Koruna Slips But Multi-Year Highs Remain In Play
EUR/CZK has advanced amid broader unwind of yesterday's EMFX strength, although it has now eased off session highs (CZK23.368). The rate last changes hands +0.056 at CZK23.324 and topside technical focus falls on Mar 28 high of CZK23.820. Bears keep an eye on CZK22.877, which limited losses on Jul 21, 2008.
- BNP Paribas said that yesterday's CPI data "set the stage for a 50bps start" to cuts in Czech interest rates in Q4, while JP Morgan said that the data reaffirms their call for rate cuts from Q3, which nonetheless "hangs by a thread" due to a "very hawkish-sounding CNB." Goldman Sachs and NatWest both continue to expect the CNB to remain hawkish.
- Czechia's FRA curve has shifted higher over the past few sessions as CNB rhetoric pointed to the need to keep monetary policy tight, with the central bank ready to react if hawkish risks materialise.
- CZGB yields sit 1.4-5.9bp higher across the curve, with local-currency bonds lagging their CE3 peers. The PX index has added ~0.7% and showed at its highest point since Mar 7.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.