Slovak crown rebounds from 1-wk lows vs euro

...said its short-term direction was 
unclear due to a lack of impetus. 
    At 1415 GMT, the crown traded at 33.370 per euro , 
compared with 33.500 seen in early trade and Thursday's close of 
33.420. 
    "The crown weakened a bit in the morning toward 33.500 as 
London-based players took profits," said Tatra Banka dealer 
Boris Somorovsky. "But the market is in a stagnation phase so 
there is no driver to go on either side." 
    The crown did not react to the weekly release of the central 
bank's (NBS) foreign currency reserves data, which showed a jump 
to $17.6 billion as of April 11 from $16.6 billion a week ago. 
    The NBS did not give a reason for the rise, but it came 
during a period when it intervened directly in the foreign 
exchange market to weaken the crown. 
    Monday sees the release of EU-norm inflation data, with 
annual price growth expected to edge up to 2.1 percent in March 
from 2.0 percent in February. 
    Earlier this week, inflation data calculated by the local 
methodology confirmed price pressures were benign, raising 
prospects for a 25 basis-point interest rate cut this month. 
    The NBS lowered the key-two week repo rate by 25 basis 
points to 4.50 percent in March to stem firming pressure on the 
crown. The bank targets EU-norm data to prepare the country for 
euro adoption in 2009. 
------------------ MARKET SNAPSHOT AT 1415 GMT ----------------- 
Crown/euro  33.370 vs 33.420 on Thursday (+0.15 pct) 
Crown/dollar   at 24.634 vs 24.800 (+0.67) 
5-yr govt bond  yield 4.175/3.966 vs 4.195/3.975 pct 
7-yr govt bond  yield 4.412/4.163 vs 4.293/4.074 pct 
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