The Czech koruna opened near its
Wednesday’s 4-month high at EUR/CZK
31.20 zone. Initially, it lost some ground on
some profit-taking. However, the unit
recovered quickly and it climbed back to the
morning level during the afternoon. So, it
closed little changed at low twenties. It seems that the market accepted new trading
range EUR/CZK 31.16-31.30, as foreign
banks keep buying korunas. There was no
real domestic incentive for the market
yesterday. The September retail sales
disappointed, as they annually increased
only 0.6 %. Mainly pure car sales pushed
overall sales lower. Nevertheless, retail
sales data isn’t important for the Czech
markets.
Today, we may see an attempt to attack new
year high. It is pretty likely that traders will
try to push the EUR/CZK at least to 31.15.
There are no data scheduled in the calendar
for six days to come. Wednesday’s treasury
bond tender and Thursday’s CNB Board
meeting will hardly surprise the markets.
4.98 -0.09.
ČSOB - Investiční výzkum