Monday, May 12, 2008

Crown firms to new record high vis-r-vis euro.

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Crown firms to new record high vis-r-vis euro. The crown exchange rate against the euro reached a new all-time high on May 9 trading, forex dealers reported. They explained that stronger investor interest was behind the gains of the local currency amidst positive sentiment to other regional currencies as well. The SKK/EUR exchange rate thus strengthened to 31.901 during the day and closed at 31.988, according to the official quote of the National Bank of Slovakia (NBS). Appreciating pressures behind the unit started after the positive EC convergence report, which recommending that Slovakia enters the eurozone from the beginning of 2009. They could be also fuelled by government statements that it would negotiate for a strong crown exchange rate to the euro upon entry in the eurozone. Dealers, however, played down this factor, stating that the conversion rate would be subject to negotiations and uncertainty on that front could limit potential further gains of the crown. The local currency could also suffer in the short term from repatriation of dividends and profits from local companies to foreign parents.

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Crown firms to new record high vis-r-vis euro.

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