The koruna after the initial fall to 30.310 per euro firmed to 30.140 but
then went down again and closed at 30,280. Trading was technical and calm.
Versus the dollar the koruna moved between 30.980 - 31.240 and close at
30.980 with the gain due to the dollar fall to the euro.
We assume that the
more closer the koruna is to the level of 30.000 the more cautious the
market will be, concerns from CNB's interventions are still actual. We
anticipate the EUR/CZK should remain in range from 30.150 - 30.350 and the
USD/CZK to be traded between 30.700 - 31.200. Today the EUR/CZK opened at
30.260 and the USD/CZK at 30.880.
open max min cls open 19/9
EUR/CZK 30,275 30,310 30,140 30,280 30,260
USD/CZK 31,250 31,240 30,980 30,980 30,880
Stepanka Kuzilkova, Investment Research, CSOB