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Koruna Stays Stable, Market Digests CNB Speak

CZK

EUR/CZK trades flat at 24.508, holding yesterday's range and struggling for a clear direction. Bears continue to see Nov 3 low of 24.365 as their initial target, while bulls look for a swing past Oct 26, 2023/Jul 7, 2022 highs of 24.747/24.797.

  • Elsewhere in the region, the PLN underperforms in the EMEA space (albeit it remains on a medium-term uptrend), while the HUF also trades on the defensive ahead of the local central bank decision. When this is being typed, PLN/CZK trades -0.4% and CZK/HUF sits +0.2% on the day.
  • CNB's Zamrazilova said that the Bank Board needs more data to decide on the optimal timing for reducing interest rates. At its most recent meeting, the Board voted 5-2 to keep rates unchanged. Zamrazilova suggested that Q3 GDP and wage data may provide valuable signals to inform the ongoing discussions.
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