It weakened in the first half of the session, as it opened at EUR/CZK 29.66 and fell to 29.78 by the noon. Some investors obviously took their profits after terrific Friday’s rise. However, the koruna changed direction in the afternoon and closed almost unchanged at 29.66. Hence it seems that the mood on the market is still pretty positive. The market lacked any important stimuli yesterday. The political row is in stalemate now. Prime Minister Gross is quiet and Christian Democrats aren’t ready to any action. Today issuance calendar and state budget date are interesting for the exchange market. Thus the overall positive sentiment may prevail and the koruna may move higher again.
(CSOB - Investment research)