Czech crown opens steady, focus on politics

PRAGUE, Oct 30 (Reuters) - The Czech crown opened steady versus the euro on Monday, with investors mulling the chances of an early election following a strong showing of the rightist Civic Democrats in the Senate vote.

The crown traded at 28.330 per euro <0#EURCZK=> by 0637 GMT, barely chanced from late Friday. It has hugged a narrow range over the past few weeks as a short-term rate discount to the euro zone and political paralysis hampered its advance.

The Civic Democrats of outgoing Prime Minister Mirek Topolanek dominated runoff elections for the Czech Senate on Saturday, boosting Topolanek's calls for an early vote for a new parliament [ID:nL28866559].

An adviser to President Vaclav Klaus said afterward the president would ask the Civic Democrats (ODS) to lead talks to end a protracted stalemate in the lower house of parliament [ID:nL29849588].

"The likelihood of early elections has grown again but the path to them still does not look straightforward," said analysts at Bank Austria Creditanstalt in a note to investors.

Some analysts have said early elections could be positive for markets, as latest opinion polls give the rightist ODS a clear lead and raise the chances that a strong, pro-reform government would emerge.

Leftist parties have opposed early elections following an inconclusive election in June, which left both right and left parties with the exact same number of seats in the legislature.

----------------- MARKET SNAPSHOT AT 0637 GMT ----------------- Crown/euro <EURCZK=> last deals at 28.330 (+0.09 pct) Crown/dollar <CZK=> at 22.219 bid (+0.20 pct)

5-year yield due Oct 2010 <CZ5YT=RR> 3.65 pct bid (-4 bps) 10-year yield due Jan 2016 <CZ10YT=RR> 3.88 pct bid (flat)

5-yr CZK/EUR mid yield spread <DE114147=> -11 bps (vs -11) 10-yr CZK/EUR mid yield spread <DE113529=> 8 bps (vs 3)

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

((Reporting by Marek Petrus; Editing by Chris Pizzey; 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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