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Central banker Singer supported the koruna yesterday

17.2.2005 10:05
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The Czech koruna market became pretty boring. As in previous days, the unit opened at EUR/CZK 30.08 zone and quickly dipped to 14-day low 30.15. However, the koruna erased all losses in the afternoon and even touched 30.03 on bullish comment of newly appointed vice-governor Miroslav Singer. He said the koruna might continue firming over long-term backed by exports. Nevertheless, he refused to comment over the current koruna’s level and interest rates and inflation outlook. The market more or less ignored his comment on danger of premature adopting of the euro. He is well known for his euro-skepticism. He advocates for joining eurozone at the time when it will be evident that is beneficial for the Czech economy. The koruna retreated from daily high at the end of the day to close again in 30.10 zone. The market is not ready to break current trading band 30.05-15 now. The political row within ruling coalition holds back the koruna. On the other hand long-term positive outlook prevent the koruna to fell significantly. The clash between PM Stanislav Gross and leader of junior coalition partner Miroslav Kalousek didn’t progress yesterday. They may talk each other today. A break down of current coalition still seems to be less likely.

Today we may witness another round of a battle within ruling coalition. Nevertheless, the case will be hardly finish. Thus the space for the koruna to rise is minimal. Another day of sideways trading is the most likely scenario.

ČSOB


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