Wednesday, May 14, 2008

Crown posts further record gains against euro.

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Crown posts further record gains against euro. The exchange rate of the crown vis-r-vis the euro strengthened to new all time highs in May 13 trading, forex dealers reported. The SKK/EUR rate reached a new record of 31.645 in intraday trading, but later corrected to above 31.7. Dealers projected that the local unit would continue to firm in the short term, driven by the positive EC evaluation of Slovakia ’s application to join the eurozone in the beginning of 2009. They stressed that the market expectation for the conversion rate upon entry in the eurozone was 31.5 and the actual exchange rate could test this level in the coming days. Usual practice so far, however, has been to set the conversion exchange rate at the level of the ERM II fixing, which is 35.4424. The specific conversion rate should be decided upon in the beginning of July, together with the final confirmation of the country’s joining the eurozone.

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Crown posts further record gains against euro.

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