Activity on the forex market remained low yesterday, the Czech koruna opened
at 30.345 per euro, in the morning trading firmed to 30.275 but closed
higher at 30.300. Versus the U.S. dollar the koruna rose as euro surged
against the dollar and closed at 30.850. The koruna opened at 31.030 per
dollar in the morning.
The No. 1 event is the release of CPI and
unemployment for September and Bank Board Meeting Minutes from the end of
September. We guess that the events will have rather impact on interest
rates instruments then on the koruna's rate. We expect the EUR/USD to stay
in a band from 30.250 to 30.400 again, the USD/CZK should be in the 30.650 -
31.000 range. This morning the EUR/CZK started at 30.300 and the USD/CZK at
30.850. The CNB governor Z. Tuma said yesterday after the meeting with trade
union Milan Stech that, a five-percent grow in real wages didn't correspond
to the current growth of the Czech economy.
open high low close today (8.10.)
EUR/CZK 30.345 30.345 30.275 30.300 30.300
USD/CZK 31.030 31.030 30.830 30.850 30.850
Stepanka Kuzilkova, Investment Research. CSOB