Slovak crown rebounds vs euro in volatile trade

27.06.2007 | , Reuters
Zpravodajství ČTK


perex-img Zdroj: Finance.cz

BRATISLAVA, June 27 (Reuters) - The Slovak crown closed slightly stronger to the euro in a volatile session on Wednesday after sour emerging...

...market mood drove it down and Polish rate hike pushed it back up.

The crown was at 33.870 per euro as of 1530 GMT, compared with 33.890 late on Tuesday.

Emerging currencies came under pressure on Wednesday as investors turned more averse to riskier assets.

However, central European markets firmed after the Polish central bank surprisingly raised interest rates in a response to booming economy and rising wages.

Crown weakening to a psychological level of 34 per euro on Wednesday also appeared to be good buying opportunity for those betting that Slovakia's solid economic growth will bring more currency strengthening, said VUB Bank dealer Laco Benedek.

"Investors appetite for crown should persist at levels around 34.0 per euro, although crown moves will depend on swings of Polish zloty and Hungarian forint," Benedek said. "But global sentiment could now limit room for appreciation." -----------------MARKET SNAPSHOT AT 1530 GMT------------------- Crown/Euro 33.870 vs 33.890 on Tuesday (+0.05 pct) Crown/Dollar 25.220 vs 25.175 (-0.18 pct) 5-yr govt bond yield 4.593/4.442 vs 4.533/4.233 pct 7-yr govt bond yield 4.700/4.600 vs 4.749/4.549 pct --------------------------------------------------------------

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