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Koruna Trims Some Of Post-CNB Gains

CZK

EUR/CZK has clawed back some of its post-CNB/post-Fed losses and last sits +0.024 at 25.228, with CZGBs trading on a firmer footing in line with wider FI sentiment. A stronger rebound above Feb 15 high of 25.519 is needed to indicate that bulls are having the upper hand again. On the flip side, bears look for a dip through the 50-DMA (25.124), round figure support (25.000) and Jan 2 high (24.867).

  • The koruna received a boost as CNB Governor Michl signalled concern about its current level, noting that it is an inflationary risk and was discussed a lot at yesterday's Bank Board meeting (50bp cut, as expected). The aftermath of yesterday's FOMC meeting provided further support to the EM FX space amid no firm pushback against current bets on US interest-rate cuts.

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