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Czech Koruna Extends Weekly Retreat as Data Supports Lower Rates

The koruna extended its weekly loss against the euro after Czech economic data added support for an interest-rate reduction as early as this month.

The Czech currency depreciated 0.4 percent to 25.595 per euro by 2:21 p.m. in Prague, the most among major emerging-market peers tracked by Bloomberg. The koruna has slipped 0.7 percent since the end of last week.

Industrial producer prices rose at the slowest annual pace in two years in May, slowing to 1.7 percent from a 2.2 percent advance in April, the Czech Statistics Office said today. Anti-inflationary risks are prevailing in the economy, central banker Lubomir Lizal said on June 12 after data a day earlier showed consumer price increases in May were the slowest in five months.

“The Czech National Bank may cut its rates already at the end of June,” David Marek, chief economist at Patria Finance AS brokerage in Prague, wrote in an e-mail to clients today. The slowdown in producer prices “supports an idea of easing monetary policy,” he said.

Gross domestic product fell 0.8 percent in January to March from the previous three months, a second consecutive quarterly contraction, the statistics office said last week.

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