Czech crown hovers at 28/euro before wave of data

PRAGUE, Dec 4 (Reuters) - The Czech crown hovered around 28 per euro on Monday, with investors looking to a wave of indicator releases including November inflation and third-quarter growth numbers, due for publication on Friday.

The crown traded slightly lower on the day at 28.015 per euro <0#EURCZK=> by 1510 GMT, about half a percent weaker versus an all-time high of 27.875 on Nov. 6.

Viktor Kotlan, chief economist at Ceska Sporitelna, said the currency was likely to stay hemmed in a range near the 28 per euro level until the year-end, before it resumes an advance in line with its long-term firming trend.

"Another firming wave will come in the New Year. Our analysis of seasonality points to (a rise to) 27.40 to 27.60 per euro in January/February, followed by a small correction in March," said Kotlan.

"Given the central bank's rhetoric and the crown's levels, the probability has increased that an interest rate hike to 2.75 percent will only come in March or April," he added.

The central bank (CNB) left interest rates unchanged last week and sent a clear signal it could keep borrowing costs at the lowest level in the European Union into next year after a sharp drop in inflation and the crown's rise to record highs.

The economy is forecast to have grown at a 5.2 percent rate in the third quarter, deepening the slowdown from its cycle peak early this year. Inflation is seen ticking up to 1.5 percent in November from a near 1-1/2-year low of 1.3 percent in October.

- FOR GDP AND CPI FORECASTS, DOUBLE CLICK ON [ID:nL30712025] and [ID:nL30590160].

----------------- MARKET SNAPSHOT AT 1510 GMT ----------------- Crown/euro <EURCZK=> last deals at 28.015 (-0.12 pct)

Crown/dollar <CZK=> at 21.034 bid (-0.33 pct)

5-year yield due Oct 2010 <CZ5YT=RR> 3.32 pct bid (-14 bps) 10-year yield due Jan 2016 <CZ10YT=RR> 3.61 pct bid (-2 bps)

5-yr CZK/EUR mid yield spread <DE114147=> -31 bps (vs -16) 10-yr CZK/EUR mid yield spread <DE113529=> -5 bps (vs -2)

Current levels versus prior domestic close at 1500 GMT ---------------------------------------------------------------

((Reporting by Marek Petrus; Editing by David Stamp; Reuters Messaging: rm://marek.petrus.reuters.com@reuters.net; e-mail: prague.newsroom@reuters.com or marek.petrus@reuters.com; Tel: +420 224 190 477))

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Keywords: MARKETS CZECH CROWN CLOSE