The koruna slightly firmed from 29.230 to 29.170 during morning trading,
however it corrected previous profits and weakened to the level of 29.540
and the EUR/CZK closed at 29.440. The trading was rather technical. The
koruna fell also against the dollar, the USD/CZK touched the level of 30.000
and closed at 29.950 compared to 29.700 at the beginning of trading.
The
market will be awaiting potential intervention against the koruna today. CNB
regular meeting is scheduled on Thursday. If CNB doesn't intervene in any
way, another firming of the koruna is on the way. We expect the EUR/CZK to
move in the range 29.350 - 29-650 and the USD/CZK should be curbed between
29.650 - 30.200. The EUR/CZK opened at 29.460 and the USD/CZK at 29.980.
open high low close today (3.7.)
EUR/CZK 29.230 29.540 29.170 29.440 29.460
USD/CZK 29.700 30.060 29.700 29.950 29.980
Stepanka Kuzilkova, Investment Research, CSOB