The EUR/SKK pair was stuck in a tight sideways range

The EUR/SKK pair was stuck in a tight sideways range moving between the 34.27 – 34.40 area. During the morning session, the koruna gained some ground moving to lower end of the range, but then gradually lost on the back of profit taking. From the macro data side, the market will lack any domestic incentives today, so core market factors should remain dominant. The koruna might gain some support from a weak dollar, but we do not expect any major changes in the exchange rate. We assume trading will remain in a small range, with the koruna oscillating close to current levels.