The Czech currency went on depreciating yesterday, it started at 32.100
against the euro and reached 32.130 very soon. Against the dollar it opened
at 28.300 and moved in a range between 28.35 and 28.40 in the morning. But
the surprising rate cut by CNB woke up FX market from the doldrums and the
koruna lost immediately. The rate EUR/CZK plummeted from about 32.150 up to
32.300 and finished at 32.290. Today it opened at 32.330 and should move
within a range of 32.10 and 32.50. The rate USD/CZK did not react so strong,
the koruna was weakening the whole trading session and the rate finished at
28.730. It opened at 28.800 this morning and should stay between 28.60 and
29.15.
CSOB Investment Research