A bigger-than-expected February trade deficit failed to knock the koruna
out of a tight trading range against the euro on Monday as investors
preferred to stay out amid uncertainty to the length of the war.
The koruna
opened at 31.690 and slipped to its minimum after the trade deficit was
published. After a short strengthening it depreciated slowly up to 31.740 at
the end. The exchange rate EUR/CZK opened at 31.745 and should move in the
range of 31.700 and 31.800. The koruna strengthened against the USD
yesterday. It appreciated from 29.810 in the morning to 29.780 in the
afternoon. Today the koruna opened at 29.650 and should move between 29.500
and 29.900.
Stepanka Kuzilkova, Investment Research, CSOB