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Foreign Exchange

Crown appreciates beyond SKK/EUR 36 to hit new record high.

Crown appreciates beyond SKK/EUR 36 to hit new record high. The crown appreciated against the euro and reached a new all-time record high during yesterday’s trading, local dealers reported. The exchange rate passed through the psychological barrier of SKK /EUR 36 and strengthened to 35.83. It was supported by the developments of the regional markets as well but the pace of the crown appreciation was stronger. Forex market players reported that the bullish mood was still prevalent on the market, which in our opinion might be due to positive expectations for data on the economic performance in Q3. Strong economic fundamentals might support the exchange rate of the local currency in the near term although dealers noted that profit-taking and closing of crown positions before the end of the year might restrain the upward trend in the exchange rate.

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