The trading with the koruna was calm on Thursday, the Czech currency also
ignored CNB's Bank Board meeting as the interest rates remained unchanged.
The EUR/CZK was curbed between 31.790 - 31.880 all day long and closed at
31.880. Vis-a-vis the dollar, the koruna firmed during morning trading from
the initial level of 29.700 to 29.630, however returned back to 29.730 at
the end of the day. No significant data or news are expected today.
Conference of Social Democrats (CSSD) takes place during the weekend.
V.Spidla, current leader, have to confirm his leadership. The EUR/CZK should
move in the range of 31.650 - 31.900 and the USD/CZK should not leave 29.500
- 30.00 brackets. The koruna opened at 31.800 vs. the euro and the USD/CZK
at 29.810 today.
CNB'S Bank Board left the interest rates unchanged on its yesterday meeting
on 2.5% level. Central bank's Governor Tuma said that he couldn't see any
reason to change monetary policy due to low Q4 GDP growth. He also added
that C/A gap around 5% of GDP was not fatal for the economy.
open high low close today (28.3.)
EUR/CZK 31.810 31.880 31.790 31.880 31.800
USD/CZK 29.700 29.740 29.630 29.730 29.810
Martin Kocura, Investment Research, CSOB