After single-shot strengthening from 29.830 to 29.680, the koruna settled
down near the 29.800 level, where also closed. The regular Thursday Bank
Board meeting takes place today and, however, the monetary policy is not on
an agenda we anticipate, that the market will be nervous and trading should
be thin. Against the dollar the Czech currency drop due to development of
Thanks to night trading of the EUR/USD the koruna should open
stronger today. The EUR/CZK opened at 29.830 and the USD/CZK at 30.570.
Yesterday's auction of an eight billion CZK tranche of the 6.05% / 2004
government bond was heavily oversubscribed. Total bids amounted CZK 30.97
bn. The average yield in the auction was at 3.18%, minimum at 3.16% and
maximum at 3.19%.
open max min cls open 12/9
EUR/CZK 29.830 29.850 29.680 29.800 29.820
USD/CZK 30.600 30.710 30.450 30.670 30.570
Stepanka Kuzilkova, Investment Research, CSOB