Czech crown strengthens, boosted by Fed Chair’s speech

The Czech crown strengthened against both the euro and the US dollar today, rising to 25.05 CZK/EUR and by 16 haléřs to 22.41 CZK/USD. The koruna’s gain was supported by a weakening US dollar and the prospect of lower interest rates in the US. Jerome Powell, the Chair of the US Federal Reserve, signaled at the Jackson Hole symposium that it might be time to reduce interest rates, citing decreased inflation risks and rising concerns over employment. This outlook contributed to the crown's strong performance, keeping it close to the 25 CZK/EUR mark.