The better-than-expected inflation in May left the koruna in quiet. The
EUR/CZK moved around 30.600 during morning trading and touched the level of
30.500 later in the afternoon. However, the trading was technical.
koruna strengthened vs. the dollar from 32.500 to 32.230due to euro-dollar
markets development. Czech consumer prices slowed down again in May. CPI
rose by 2.5% year-on-year in May, after a 3.2% growth in April. The
unemployment rate dropped for the fourth time this year, to 8.6% in May from
8.8% in April and the number of unemployed persons registered by employment
offices shrank by 8.558 to 447.877 persons. We don't expect any important
news today. The EUR/CZK should move in the range of 30.400 - 30.700 and the
USD/CZK shouldn't leave the range of 32.000 - 32.500.
open high low close today (11.6)
EUR/CZK 30.620 30.645 30.525 30.525 30.530
USD/CZK 32.540 32.550 32.230 32.270 32.340
Stepanka Kuzilkova, Investment Research, CSOB