The Slovak forex market opened in a bullish mood on Wednesday morning. The two London names triggered the wave of „BUY SKK“orders. Other investors catch the opportunity and opened short EUR/SKK positions. The unit opened at EUR/SKK 37.520 and strengthened to EUR/SKK 37.340 at around 10:00 a.m. It stayed relatively calm till the end of the session near its several weeks high. Today, the eco calendar is light with HICP on the agenda. However, we do not expect this to be the market driver as it usually follows the trend of the national CPI inflation index. There is a national holiday in Slovakia on Friday. Therefore we would bet on profit taking today (more likely in the afternoon trading).
(CSOB - Investment research)