(Martin Kodýdek) The koruna strengthened to CZK/EUR 37.15 this morning. This was, however, only a small correction that invariably had to occur amid the current weakening trend.
The situation was, in fact, short-lived, and the koruna is already aimed at another devaluation; it currently moves around the level of CZK/EUR 37.25. The market is evidently calming down, and another drop, which is likely, should not be as dramatic.
The koruna has escaped the influence of the interest-rate differential that had complicated its stabilization at a level appropriate to the Czech economy. This may make for a rather volatile market in the following days.
CZK/USD is 32.85.