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Koruna Stays Afloat, CNB Minutes Eyed Later This Week

CZK

EUR/CZK operates -0.022 at CZK23.648, with the koruna stable after it faded its opening losses. The pair hovers just above a crossover of its 100-DMA and 50-DMA at CZK23.616, followed by notable support from Jun 6 low of CZK23.510.

  • The PX index sits ~0.1% lower on the day, with state-controlled energy company CEZ reducing its earlier gains to just ~0.2%. The utility holds its annual general meeting, which is expected to approve a record-breaking dividend payout of CZK145/share.
  • Expect CNB speak to be sparse or non-existent in coming days as the central bank's media blackout continues until Friday's release of the minutes of last week's monetary policy meeting. The document will reveal the identity of two hawkish dissenters, who unsuccessfully sought a 25bp rate hike last week.
  • As a reminder, final Q1 GDP data will also hit the wires on Friday.
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