The Czech koruna declined to 17.4480 against the US dollar in early deals on Tuesday. On the downside, 17.476 is seen as the next target level for the Czech currency. The dollar-koruna pair closed Monday's North American session at 17.4350.

The Czech Statistical Office announced today that the producer price index or PPI decreased 5.1% year-on-year in August, compared with a 4.9% fall in the previous month. This was the sixth biggest annual fall in a row since the series started 1991. Economists were looking for a decline of 5.3%.

On a monthly basis, the PPI increased 0.2% in August, after falling 0.4% in July.

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