The Czech koruna experienced in step with
other CE currencies a see-saw session on
Friday. Initially the unit was weakening from
Thursday’s close level EUR/CZK 30.83. It
seemed we faced another attempt to break
stop-loss levels around 31.00. Some
investors likely took their profit on
strengthening of the dollar against key word
currencies. However, Wednesday’s pattern
repeated, as the koruna only touched
EUR/CZK 30.94 around the middle of the
session and shot up back to 2-year high
zone (EUR/CZK 30.70). It is obvious that
foreign investors still believe in Czech
koruna (and Polish zloty and Slovak Koruna)
and they aren’t ready to take profits and
leave the region. Thus we are more and
more confident that we will not see a
massive outflow of investments even in the remaining of the year.
Today the market will be stick to balance of
payment data due on 10:00. They should not
surprised, but if they do surprised they may
set direction of the market. Nevertheless, we
regard as the most likely scenario the
koruna to hover in EUR/CZK 30.70 zone.
ČSOB - Investiční výzkum