EUR/CZK trades +0.024 at 25.378, with the nearest resistance defined at Jul 24 high of 25.465, followed by Feb 15 high of 25.519. Conversely, bears see Jul 19/22 lows of 25.208 as their initial targets.

• All 21 economists polled by Bloomberg so far expect the Czech National Bank (CNB) to reduce the policy rate by 25bp this Thursday, moderating the pace of easing from the previous 50bp/meeting. The latest CPI report outlined a relatively benign picture including on-target headline inflation, while Deputy Governor Jan Frait refused to rule out another 50bp move, but most Bank Board members appear to be leaning towards a return to standard-sized cuts.
• CZGBs are a tad firmer across the curve, in line with the trends across the CE3 and core FI spaces. The PX Index operates 0.4% higher on the session.