The koruna went down with all central Europe, especially with the zloty and the forint, which both slipped by 1%. The depreciation of the forint was caused by not very successful auction of 15-year maturity bond. Doubts about performance of governments expenditures cuts and government instability in general are the reasons of zloty fall. Afternoon euro depreciation could have had some influence on the koruna. But its yesterday's correction could cause little appreciation of all central European currencies today. The rate USD/CZK opened yesterday at 26,465 and closed at 26,430. Today morning it opened at 26,515 and might keep the range 26,30 - 26,70. The rate EUR/CZK opened at 33,285 and during the day it could keep within 33,18 - 33,38.
CSOB - Investment Research