Slovak crown hits 2-wk top vs euro before GDP data

...said. 
    At 1400 GMT, the crown was at 33.515 per euro , 
compared with 33.501, its strongest level since April 26. It 
closed at 33.690 on Friday. 
    "We did not manage to break 33.700 so we are testing lower 
(stronger) levels," said Andrej Zeman, dealer at ING Bank in 
Bratislava. "There will be strong GDP data tomorrow and some 
Londoners are probably playing on it." 
    Analysts polled by Reuters earlier this month forecast 
Tuesday's data would show record GDP growth of 10.5 percent in 
the first three months, after a 9.6 percent rise in the final 
quarter of 2006. 
    "Tomorrow's Slovak GDP data has the potential to move the 
crown, but won't worry the NBS (central bank) if growth is 
export driven," said Lucy Bethell, strategist at Royal Bank of 
Scotland in London. 
    The NBS cut its key two-week repo rate by a cumulative 50 
basis points in March and April to 4.25 percent. Analysts expect 
another 25 basis-point reduction this year if the inflation 
outlook stays favourable. 
    The Statistics Office will publish the flash estimate of the 
first quarter economic growth at 9 a.m. (0700 GMT) on Tuesday. 
It will release detailed GDP data on June 1. 
    However, some market watchers said the crown's near-term 
gains were likely to be limited by dividend payments. 
    "We see the crown on a downward trend in coming weeks to 
around 34 per euro due to dividend outflows concentrated to May 
and June," Slovenska Sporitelna senior analyst Maria Valachyova 
said in a market note. 
------------------ MARKET SNAPSHOT AT 1400 GMT ----------------- 
Crown/euro  33.515 vs 33.690 on Friday (+0.52 pct) 
Crown/dollar   at 24.730 vs 24.918 (+0.76) 
5-yr govt bond  yield 4.182/3.963 vs 4.197/4.048 pct 
7-yr govt bond  yield 4.386/4.167 vs 4.374/4.2251pct 
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[BRATISLAVA/Reuters/Finance.cz]