The Czech koruna tested its all time high at EUR/CZK 28.85 on Friday, but the level proved that it would be difficult to broke through at first attempt. The unit touched 28.84, what is new high, but quickly retreated to low nineties in the afternoon. Later on, it closed at 28.94. At the same time, the atmosphere in the region was supportive, as the zloty was at two-month-high. The Finance Minister Sobotka tried to weaken the koruna as he said that the unit was too strong and should retreat. However, we doubt that his afford may have real influence on the market. Only the minutes from the last meeting of the CNB was released, but they had no impact on the market.
Today the calendar is empty thus the koruna may again test Friday’s high. Friday’s gains of other CE currencies may support positive trend.
(CSOB - Investment research)