On Wednesday the Czech currency opened at 32.770 against the single currency
and at 29.190 against the euro. It went on depreciating and did not react to
industrial production released in the morning. The rate USD/CZK, with a
break at noon, weakened to 29.330 when closed. Similarly the koruna fell
against the euro and closed at 32.850.
The rate USD/CZK began at 29.280 this
morning and should stay between 29.100 and 29.600. The koruna opened at
32.930 and should remain in a range of 32.800 and 33.100. There are stimuli
to further weakening on the market, as investors remain concerned that the
government fails to realize fiscal reforms.
Zdenek Safka, Investment Research, CSOB