Thin market and closed London due to bank holiday in Great Britain enabled
the koruna to rose from morning level of 30.705 to 30.630. Trading had
technical character again. Versus the dollar the Czech currency also firmed
from 31.730 in the morning to 31.500. Retail sales drop didn't have any
impact on the koruna.
The koruna won't likely have any power for further
strengthening vs. euro, if so, it might reach levels on which the CNB should
enter the market, that is why we expect stagnation in range of 30.550 -
30.750. First macroeconomics data which include the effect of recent floods
will be an important impulse for long-term development of the EUR/CZK. This
morning the EUR/CZK started at 30.620 and the USD/CZK at 31.400.
open max min cls open 27/8
EUR/CZK 30,705 30,705 30,565 30,630 30,620
USD/CZK 31,730 31,730 31,480 31,500 31,400
Stepanka Kuzilkova, Investment Research, CSOB