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Koruna Stabilises After Yesterday's Sell-Off

CZK

EUR/CZK trades -0.009 at 24.405, stabilising after yesterday's upswing. Bulls would be pleased by further gains past Oct 26, 2023/Jul 7, 2022 highs of 24.747/24.797. Bears look for a pullback towards Nov 29 low of 24.203.

  • We get a pause in Czech data releases today, before the publication of October retail sales tomorrow morning. This comes after Q3 wage data came in roughly in line with CNB forecasts.
  • Komercni banka pointed to the slight depreciation of the CZK at the start to the new week, which was a "correction from the overly strong levels the koruna reached last week".
  • CZGB yields sit slightly below neutral levels across the curve, while the PX Index has shed 0.4% today.

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