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Crown continues to strengthen vis-à-vis euro.

Crown continues to strengthen vis-à-vis euro. The appreciating trend in the exchange rate of the crown against the euro persisted again, local dealers informed. The SKK /EUR rate firmed to 35.59 or close to its all-time record level of 35.56, set during last week trading. The outlook for the crown was positive for the near term as the markets expected that the currency might test the next psychological level of 35.5. On the other hand, small corrections to the gains of the crowns during the recent weeks were also projected although the upper limit for the trading was expected at 37.7. The strong crown is likely to play a key role in the NBS decision on the interest rates, which is scheduled for next week as the exchange rate appreciation contributes to an automatic tightening of the monetary conditions and decreases chances that the central bank would hike the interest rates.

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