The koruna opened at 31,545 against the euro yesterday. Inflation exceeding 3% raised expectations of rate hike this month and due to foreign investors interest the koruna broke 31,50 level and fluctuated within 31,475 EUR/CZK. After midday the koruna firmed again and closed at 31,480 in the evening. Today's construction output had no impact on the rate, further development will be dependent mostly on behavior of foreign investors. Today we expect the koruna to move within 31,35-31,35, the rate EUR/CZK opened at 31,435 this morning.
(CSOB Investment research)