The Czech koruna failed even in the
second test to break through the level of EUR/CZK 31.40. The market was really
calm, ignoring CNB minutes, and the unit
stayed in the pretty tight range of EUR/CZK
31.38 – 39.44. Initially traders tried to push
the koruna higher, but the effort failed.
Hence, the EUR/CZK was sliding back to the
31.40 zone.
Today no important event is scheduled in
the calendar, thus the market may continue
to develop a sideways pattern. The market
is now rather thin and no big name has a
clear opinion where the koruna should
move. Thus there is a pretty big chance that
the koruna will hover in the range of
EUR/CZK 31.20 –31.60 by the end of the
year.
ČSOB - Investment Research