EUR/CZK trades -0.039 at 25.342 but stays close to a key resistance zone but moving away from there. The koruna outperforms EMEA peers, possibly drawing some strength from interviews with CNB's Zamrazilova, whose cautious comments are getting wider airing. The official mentioned that she might consider voting for no change in rates at the next monetary policy meeting, which deviates to the hawkish side from the CNB consensus. From a technical perspective, bears look for losses past the 50-DMA (25.185), which would signal that they are taking control. Bulls look for a clean break above 25.4 before setting their sights on Aug 1 high of 25.535.

• CNB Deputy Governor Eva Zamrazilova said that lingering inflationary risks warrant caution and at the next Bank Board meeting on November 7 she will consider whether to vote for a pause or for another 25bp cut. "I still see room for rates to decrease further, but I'm evaluating how to spread the rate cuts in time," Zamrazilova told Bloomberg. Separately, she appeared on an E15 podcast, noting that Germany's economic performance is weighing on Czechia.
• CZGB yields are marginally mixed across the curve, while the PX Index has added 0.1%.
• Czechia's M2 money supply rose by 5.4% Y/Y in September versus +5.8% in August.