On Monday in the morning the Czech currency set up a new 4.5-year maximum
after strengthening up to 28.540 against the dollar. Later on the rate
USD/CZK was returning back and the trading session finished at 28.680. The
movement on Eurodollar markets was the reason for the koruna appreciating,
the dollar went on weakening in the morning.
Today the koruna opened at
28.750 and should stay in the range of 28.60 and 28.85. There were minimal
movements against the Euro yesterday. The koruna fluctuated around the rate
EUR/CZK 31.50 and finished at 31.560. Minimal movements are expected today;
no important statistical data are expected. According to CNB governor Mr.
Z.Tuma the Czech currency returned back to its equilibrium level against the
Euro after last year's appreciation bubble. The governor expects the koruna
should stay at the level between 31.50 and 31.80 for some time. Today the
rate EUR/CZK started at 31.54 and should stay in the range of 31.40 and
31.70.
Zdenek Safka, Investment Research, CSOB