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The koruna gained yesterday as all the region went up

10.2.2006 9:46
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The Czech koruna flourish yesterday as also other regional currencies did. Absence of any negative news and calming down of Slovak political situation cleared the way for stronger currency. Regarding trading the koruna opened at EUR/CZK 28.46 and was gaining ground since the real beginning of the session. It touched daily high at 28.30 at noon to close at 28.36. There was no significant domestic incentive. Drop of bond yields on core market and halting US dollar were also supportive. Regarding politics, the Social Democrats once again showed its perfect collaboration with the Communist in the Parliament, as jointly approved new Working codex and public hospital net act. Therefore, its clear that those two parties may have no problems to create a government after June’s polls if they receive majority.

Today the koruna may attack its life-time high as sentiment on the markets is pretty positive. Higher construction activity in December may not affect the market. However Friday’s afternoon usually witnesses stronger koruna, as traders square its euro position and liquidity is low. Moreover, the EUR/PLN broke through its mid-term support level at 3.800 yesterday afternoon. Therefore the koruna has some room to strengthen. Release of the December current account data next Monday may not damper activity today. The only risk is eventual Hyundai no, in which have no argument to believe in. The company should make final decision later this month.

ČSOB Investment research


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