The Czech koruna moved in even tighter range than yesterday. The range 31,700-31,770 shows that the trading was calm and that there was still a lack of important impulses. This morning brought such impulse: a surprising surplus of Czech trade deficit in June. The koruna firmed to 31,64 EUR/CZK, be we do not believe that the koruna will extend its gain during the day. More likely is gentle correction. Hence, for today we expect the koruna to move within 31,60-31,75, the rate EUR/CZK opened at 31,735 this morning.
(CSOB Investment research)