On Wednesday the Czech currency began at 32.070 against the euro and at 27.340 against the dollar and the koruna moved in a narrow range during the whole day. Market optimism about the success of state budget proposal in first Parliament reading gave the koruna a little support only. The rate EUR/CZK closed at 32.030. It opened at 32.075 today and should move in a range of 31.90 and 32.40. The USD/CZK rate closed at 27.540 on Wednesday. This morning began at 27.575 and should stay between 27.20 and 27.90. We do not expect any important even on the domestic scene, budget approval by the Parliament yesterday evening should have a negligible effect.
CSOB, Investment Research