The higher-than-expected current account deficit weakened the koruna
yesterday. Czech current account gap amounted CZK 16 bn. (EUR 504 m) in Q1
2002, which was CZK 7.9 bn. less than in the same period of 2001. However,
the result has beaten market expectations of CZK 8 bn. deficit.
The koruna
consequently weakened vs. the euro from 30.355 at beginning of trading to
30.470 and reached 30.545 during the day. The EUR/CZK closed at 30.470. The
koruna also fell against the dollar due to positive U.S. data released in
the afternoon. We expect the EUR/CZK to move in the range of 30.350 - 30.650
and USD/CZK in the range of 33.250 - 33.750.
open high low close today (6.6.)
EUR/CZK 30.355 30.545 30.300 30.470 30.500
USD/CZK 32.280 32.620 32.280 32.530 32.630
(Stepanka Kuzilkova, Investment Research, CSOB)