USD/CZK failed to breakout from a key resistance line

The pair failed to breakout from a key resistance line, sending the pair lower towards a major support line. Analysts are worried from their forecasted figures for the Consumer Price Index (CPI) report year-over-year (YoY). This was amid three (3) consecutive figures of 2.3% on the report. The US inflation target were between 1.7% and 2.0%. A figure higher or lower than the range will cause a spike or a significant drop in the value of basic goods. The last time the US have reached the target was on December 2017. Meanwhile, Czech Statistics Office for foreign workers, which made up 13% of the labor force, doubled in ten (10) years. The increased productivity and record-level unemployment figures is good for the Czech Koruna. Majority of the foreign workers in Prague were from Ukraine, Slovakia, and Vietnam. The increased US military activity on the eastern bloc will boost employment in eastern European country.