The koruna remained calm during yesterday's morning trading, however, fell
significantly in the afternoon in reaction to devaluation of the Hungarian
forint. The EUR/CZK opened at 31.310 and reached the level of 31.585 in the
afternoon. The EUR/CZK closed at 31.525. Against the dollar, the koruna
weakened from the initial level of 26.730 to 26.970 as the dollar remained
strong on the world markets.
The koruna will be influenced by the sentiment
on the Central European markets today. The ECB meeting could also play an
important part as the 50bps rate cut is expected. The EUR/CZK should move in
the range of 31.550 - 31.850 and opened at 31.720. Vis-a-vis the dollar, the
koruna opened at 27.200 and should move between 26.800 - 27.400 today.
open high low close today (5.6.)
EUR/CZK 31.310 31.585 31.310 31.525 31.720
USD/CZK 26.730 26.970 26.710 26.970 27.200
Martin Kocura, Investment Research, CSOB