The atmosphere was supportive, as the economy grew by 4.9 % in Q3, what was more than our updated forecast. Furthermore, the Statistic Office revised higher previous growth of the economy. However, the influence of the figures was positive but not decisive. In noon the koruna in step with the zloty change direction and touching daily high at EUR/CZK 29.02 started to retreat. There is no evident incentive, but unimpressively performing forint and Slovak koruna might have waited. Therefore the koruna closed little changed at 29.12.
Today industrial output in October came at 6.2 % y/y, below forecasts. Moreover they revised lower some previous figures and announced great revision at the beginning of the next year. The figure is negative for the koruna but that’s not strong reason for the unit to break out from the Friday’s range.
(CSOB - Investment research)