Slovak crown firms to 2-wk high vs euro, seen up

08.08.2007 | , Reuters
Zpravodajství ČTK


perex-img Zdroj: Finance.cz

The Slovak crown rose to a two-week high against the euro on Wednesday, after the Federal Reserve calmed expectations of lower U.S. interest...

...rates, 
increasing appetite for riskier emerging assets, dealers said. 
    At 1315 GMT, the crown was at 33.265 per euro , 
compared with 33.260, its strongest level since July 26, seen 
earlier in the session. It closed at 33.420 on Tuesday. 
    "Emerging markets look quite positive after yesterday's Fed 
comments. But we are waiting to see how U.S. stocks will react," 
said a dealer with a foreign bank in Bratislava. 
    The crown had been trapped between 33.300 and 33.500 per 
euro for the past week. It did not react to Wednesday's release 
of June industrial output data, which showed a larger slowdown 
in growth than the market had expected. 
    The unit also ignored news that the government cleared an 
extraordinary 16 billion crown dividend from natural gas firm 
Slovensky Plynarensky Priemysel (SPP)  . 
    Traders saw room for more crown gains in the near term if 
the regional bullish mood holds, but Friday's release of key 
indicators, June foreign trade and local inflation for July, 
might delay the unit's firming. 
 --------------- MARKET SNAPSHOT AT 1315 GMT ------------------- 
 Crown/euro at 33.265 vs 33.420 on Tuesday (+0.47 pct) 
 Crown/dollar  at 24.071 bid vs 24.311 (+1.0 pct) 
 5-yr bond yld due Mar 2012  at 4.65 pct bid vs 4.62 
10-yr bond yld due April 2017  unchanged at 4.80 pct 
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[BRATISLAVA/Reuters/Finance.cz]

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