The better-than-expected Czech foreign trade deficit helped the koruna to
firm against the euro on Friday. The deficit lowered to CZK 1.4 bn in April
in comparison to CZK 7.2 bn in March. Market estimation was CZK 7.5 bn. The
koruna firmed from the level of 30.700 to 30.540 after the release of trade
deficit figure. However, the koruna weakened at the afternoon and closed at
30.630. We don't see any important news for the EUR/CZK today. We expect the
EUR/CZK to move in the range of 30.400 - 30.700 and the USD/CZK should stay
in the range of 33.000 -33.400.
open high low close
EUR/CZK 30.700 30.700 30.535 30.620
USD/CZK 33.365 33.365 33.150 33.225
Martin Kocura, CSOB Investment Research