Yesterday's trading was mostly technical on the EUR/CZK parity, there was an
absence of any fundamental factors. The koruna minded neither producer's
prices index (PPI), nor lowering of GDP growth of EU candidate countries by
European commission. The Czech currency opened at 30.665 against the euro on
Wednesday and the koruna weakened to the level of 30.765 during the morning
trading. However, the trend reversed in the afternoon and the EUR/CZK closed
at 30.670. Against the dollar, the koruna fell from 30.330 at the beginning
to the level of 30.580 and closed firmer at 30.420.
There are no important
news to be released today. The EUR/CZK should be curbed between 30.550 -
30.750 and the USD/CZK should remain in the range of 30.250 - 30.750. The
EUR/CZK opened at 30.660 and the USD/CZK at 30.480 today. The European
Commission announced yesterday, it had lowered GDP growth estimation for EU
candidates in 2002 from 2.5% to 2.1% and from 3.8% to 3.6% in 2003. The
Commission also warned of the current public deficit.
open high low close today(14.11.)
EUR/CZK 30.665 30.760 30.630 30.670 30.660
USD/CZK 30.330 30.580 30.330 30.420 30.480
Stepanka Kuzilkova, Investment Research, CSOB