The koruna started to strengthen with the market opening. It realised most
of its gains in the morning hours, when it rose form 30,800 as far as at
30,520. It traded range bound from 31,520 to 31,600 in the afternoon and
closed at 30,520. The development of the USD/CZK followed the same scenario.
The USD/CZK rose from 31,700 to 31,390 in the morning, stabilised in the
range of 31,400 - 31,500 and closed at 31,430. The Irish "yes" in Saturday's
referendum will back the koruna vs. the euro today. The koruna opened
stronger at 30.250 per euro and at 31.270 per dollar. We anticipate higher
volatility today and the EUR/CZK should move in range 30.150 - 30.450 and
the USD/CZK from 31.100 to 31.600.
open max min cls open 21/10
EUR/CZK 30,800 30,800 30,520 30,520 30,250
USD/CZK 30,700 30,720 30,390 30,430 30,270
Stepanka Kuzilkova, Investment Research, CSOB