Czech Koruna Up As Czech Central Bank Maintains Key Rate At 1.25%
September 24 2009 - 3:04AM
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The Czech koruna edged higher against the US dollar following
the Czech Central Bank decided to retain its key two week repo rate
at a record low of 1.25 percent.
The Czech central bank's decision to keep interest rates flat
was in line with market expectations as the inflation outlook
remained low and the economy showed only weak signs of
recovery.
Last month, the central bank had reduced its two-week repo rate
by 25 basis points to 1.25%. The bank has cut rates by 250 basis
points since starting its easing policy in August.
The koruna drifted higher to 16.975 against the US dollar by
9:00 am ET, up by more than 1 percent from its Asian session's
3-day low of 17.155. A move above the 16.8960 resistance level may
push the domestic unit to touch its highest in nearly a year. The
dollar-koruna pair, which closed Wednesday's deals at 17.091, is
presently quoted at 16.98.
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