After opening at 29.820 Thursday's morning the koruna sharply weakened to
29.970 per euro. Then its rate calmed down and stabilised on the 29.900
level close which also ended. There were speculations on the market hidden
interventions could cause it, however the reason also could be nervousness
before the Bank board meeting or speculative selling of the koruna. Against
the dollar the koruna also slightly rose from 30.660 in the morning to
30.610. The morning's release of PPI for August had no effect on the koruna.
PPI didn't surprise they only confirmed the favourable inflation picture.
Today we anticipate the koruna to move in range 29.820 - 29.980, since a
danger of interventions is still actual and investors will not intend to
open new positions before the weekend. This morning the EUR/CZK started at
29.900 and the USD/CZK at 30.430. The CNB governor Z. Tuma said for HN, that
the GDP grow by 2.5% y/y would be successful this year, he doesn't expect
any significant inflation jump. Another Bank Board member L. Neidermayer
told, if the strengthening of the koruna is going on, the slowing of the
economy will be already visible.
open max min cls open 13/9
EUR/CZK 29.820 29.970 29.820 29.888 29.900
USD/CZK 30.660 30.660 30.570 30.610 30.430
Stepanka Kuzilkova, Investment Research, CSOB