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Koruna Weakens Alongside Regional Peers


The Koruna has pulled back from its best levels versus the Euro since 2008 amid broader weakness in CEE currencies today. EUR/CZK has now virtually erased yesterday's losses and last trades +0.124 at CZK23.482, with bulls looking for a move through the 50-DMA at CZK23.862 and bears eyeing support from yesterday's low of CZK23.343.

  • CZGBs have sold off on the lead from core FI space. The PX index has eased off from cyclical highs printed yesterday at 1,428.
  • There has been little in the way of market reaction to a blog post written by CNB's Jan Frait who highlighted the role of the exchange rate channel of monetary policy and refused to rule out further tightening, while assessing that the current monetary conditions are restrictive.
  • Parliament debates a contentions pension bill for the third consecutive day, with the opposition trying to obstruct the passage of the legislation. The government wants to adopt the bill by March 22.
  • Czechia's flash Q4 GDP data will cross the wires tomorrow morning.

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