The Czech koruna holds broadly steady against the euro during morning European trading, showing little reaction to worse-than-expected 3Q GDP data. The data show the Czech economy contracted 1.5% on the year, keeping the economy in recession. Economists had only expected an annual contraction of 1.1%. EUR/CZK traded as high as 25.45 after the data, before sinking below 25.40. "The bias is for EUR/CZK to go higher," says Citi, which expects outright interventions to weaken CZK may come in early 2013. EUR/CZK is now at 25.42, from 25.44 in late New York trading.
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