Yesterday's trading was calm during morning session. The Czech currency
firstly rose from the initial level of 31.590 to 31.530, however the trend
reversed in the afternoon and the koruna fell vs. the euro to 31.760, which
is its lowest level since early April. Mostly technical factors were behind
the koruna's drop.
Vis-a-vis the dollar, the koruna firmed from 27.400 to
27.290 at the beginning of trading. However, the koruna pared previous gains
and the USD/CZK closed at 27.350. No important data are released today. The
koruna could slightly extend its losses due to current sentiment on the
market. We expect the EUR/CZK to move between 31.550 - 31.750 brackets. It
opened at 31.695. The USD/CZK opened at 29.420 and should not leave the
range of 27.200 - 27.500 today.
open high low close today (2.7.)
EUR/CZK 31.590 31.760 31.530 31.685 31.695
USD/CZK 27.400 27.470 27.290 27.350 27.420
Martin Kocura, Investment Research, CSOB