Koruna Slips, CNB Comments On Q2 GDP Awaited

EUR/CZK has edged higher and last deals +0.012 at 24.165, struggling to break out of its recent range. A move through resistance area around the 24.3 figure would signal the resumption of bullish momentum. Bears look for a pullback through round figure/Aug 21 low of 24.000/23.977, which would open up the 200-DMA at 23.832.

• Czechia's GDP contracted 0.4% Y/Y in Q2, according to refined preliminary data released by the CZSO. The figure was revised from the advance reading of -0.6%, which the market expected to be maintained. The CNB will comment on the data at the top of the hour.
• MPs will discuss 12 legislative initiatives during an extraordinary meeting of the Chamber of Deputies today, which include an amendment to the pension system that would allow the state to save around CZK1bn a year on administrative costs.