The koruna started strengthened again after falling from 30.425 to 30.490 in
early trading. Finally, it closed stronger at 30.345. Its strongest level
was 30.315 yesterday. The worse -then-expected C/A figure for Q2 didn't have
any influence on the koruna's rate, trading was calm at all. Versus the
dollar koruna remained in range from 30.530 to 30.615 all day long.
expect the koruna to stay in range 30.270 - 30.470 also today. In our
opinion, there aren't any reasons for significant swing from this range, as
speculations for strengthening due to conversion of foreign aid and
reinsurance payments are bumping on concerns of possible CNB intervention.
Today the EUR/CZK opened at 30.355 and the USD/CZK at 30.530.
open max min cls open 5/9
EUR/CZK 30.425 30.490 30.315 30.345 30.355
USD/CZK 30.550 30.615 30.530 30.550 30.530
Stepanka Kuzilkova, Investment Research, CSOB