Slovak crown slides to new 3-mth low, ignores data

...sell-off on emerging markets. 
    At 0830 GMT, the crown was at 34.415 per euro , 
compared with 34.450 seen earlier, which was its weakest level 
since March 5. It closed at 34.319 on Thursday. 
    "The crown is weakening due to the negative mood in the 
region. There was a sell-off on the Polish stock market and the 
crown is riding this wave," said Lucia Steklacova, senior 
economist at ING Bank in Bratislava. 
    The crown ignored the release of retail sales and industrial 
output, which both showed an acceleration of growth in April. 
    The currency has been under pressure in the past two months, 
falling 3 percent against the euro. 
    Steklacova said the recent crown weakening did not seem to 
pose risks for inflation, as the unit probably fell close to 
levels comfortable for the central bank (NBS). 
    The NBS said in April it saw the equilibrium level for the 
crown near its central parity of 35.4424 per euro in the 
Exchange Rate Mechanism 2 (ERM-2). 
    The bank used market interventions and rate cuts in March 
and April to halt firming pressure on the crown. The unit had 
jumped to a record of 32.710 per euro in March, after its parity 
was revalued by 8.5 percent. 
    Some market watchers said the crown would probably stabilise 
near 34.500 per euro level in the coming days but others did not 
rule out further losses if the regional mood worsened. 
----------------MARKET SNAPSHOT AT 0830 GMT------------------- 
Crown/Euro  34.415 vs 34.319 on Thursday (-0.28 pct) 
Crown/Dollar  25.667 vs 25.471 (-0.76 pct)  
5-yr govt bond  yield 4.442/4.291 vs 4.631/4.411 pct 
7-yr govt bond  yield 4.706/4.487 vs 4.698/4.478 pct 
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