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Koruna Weakens Even As CNB's Prochazka Flags Caution Around Upcoming Rate Cuts

CZK

EUR/CZK has advanced at the start to the new week, with the greenback regaining poise as US Tsy yields are broadly higher. The rate last deals +0.066 at 24.667 and bulls see Oct 19 high of 24.737 as their initial target. Bears continue to keep an eye on the 24.3 support area.

  • CNB's Jan Prochazka warned that rates are unlikely to drop as fast and as low as the market expects (which he defined as two cuts this year and bringing the key rate to 3.50% at the end of next year). The official said that he sees the neutral level of the policy rate at around 3.50%, with consensus among Bank Board members being that it is within the 3%-4% band.
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