The koruna was weakening against the euro whole day, from the level of
30.580 at the morning to 30.760 and closed at the level of 30.715. The
weakening was caused by technical factors. Neither the news about
privatisation of Cesky Telecom, nor postponing of CEZ privatisation had any
impact on the koruna. We don't expect any important news these days. We have
slightly corrected today's range for EUR/CZK to 30.600 - 30.830. We don't
expect the koruna to break the level of 31.000. The koruna also weakened
against the dollar from 33.340 to 33.460 yesterday.
There are rumours at the market that Citibank was buying euro yesterday
which helped koruna to weaken.
open high low close
EUR/CZK 30.615 30.770 30.560 30.715
USD/CZK 33.340 33.480 33.150 33.460
Martin Kocura, CSOB Investment Research