{"id":161530,"date":"2019-12-11T10:45:58","date_gmt":"2019-12-11T15:45:58","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=161530"},"modified":"2019-12-11T07:21:48","modified_gmt":"2019-12-11T12:21:48","slug":"eurczk-analysis-preparing-for-the-czech-national-banks-meeting","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/12\/eurczk-analysis-preparing-for-the-czech-national-banks-meeting\/","title":{"rendered":"EURCZK Analysis: Preparing for the Czech National Bank’s meeting"},"content":{"rendered":"
December 11, 2019<\/div>
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By IFCMarkets<\/a><\/strong><\/p>\n

Preparing for the Czech National Bank’s meeting<\/strong><\/p>\n

Weak inflation data for November came out in the Czech Republic. Is there a possibility for the EURCZK<\/a> to rise?<\/p>\n

An upward movement means the weakening of the Czech koruna against the euro. In November 2019, inflation in the Czech Republic increased by 0.3% and reached 3.1% in annual terms, against 2.7% year over year in October 2019. This is the biggest growth since October 2012. Inflation slightly exceeded the Czech National Bank’s target range amounting to 2% plus or minus 1%. Tomas Nidetzky, member of the Board of Directors of the Czech National Bank, said that it is advisable to keep the rate at the current level of 2%. Before the publication of the November inflation data, market participants did not exclude a 0.25% rate cut. Earlier, weak data on industrial production and the trade balance for October were published. The Czech GDP in the 3rd quarter of the current year rose by 2.5% year over year, which is 0.2% lower than the official forecast. The next meeting of the Czech National Bank will be held on December 18, 2019.<\/p>\n

\"EURCZK\"<\/p>\n

On the daily timeframe, the EURCZK: D1<\/b> approached the resistance line of the medium-term neutral trend and formed a triangle. Before opening a buy position, it should be breached up. A number of technical analysis indicators formed buy signals. The further price increase is possible in case of negative economic data in the Czech Republic and positive data in the Eurozone.<\/p>\n