The koruna lost slightly against major world currencies today. The euro weakened by a penny to 25.26 EUR/CZK since early Tuesday evening. It depreciated two pennies against the dollar to 23.63 USD/CZK. This follows from data from the Patria Online server.
The koruna strengthened to 25.19 EUR/CZK early this morning. Subsequently, however, it began to lose against the single European currency.
The scenario from the previous day was not repeated, when the koruna on the contrary strengthened. It was helped by Tuesday’s statement by the governor of the Czech National Bank (ČNB), Aleš Michl, that the central bank may reduce rates next week, but after that it will approach further reductions very cautiously.
The CNB started easing its monetary policy last December, when in the first step it lowered the base interest rate by a quarter of a percentage point to 6.75 percent. In February of this year, the central bank accelerated its rate cuts, reaching a half percentage point drop. At its last meeting in mid-March, the CNB board reduced the base interest rate to 5.75 percent.
Development of the currency pair EUR/CZK (1-hour chart – H1):
Development of the USD/CZK currency pair (1-hour chart – H1):
Source: Reuters, ČTK, Patria Online, MT4
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