Slovak crown hits new all-time peak, seen firming further

18.10.2006 | , Reuters
Zpravodajství ČTK


perex-img Zdroj: Finance.cz

    BRATISLAVA, Oct 18 (Reuters) - The Slovak crown bucked a 
correction in central European markets on Wednesday and firmed 
to a new record high against the euro, dealers said. 
    The crown's month-long rally has been fuelled by a 2007 
state budget draft, which keeps Slovakia on track for meeting 
the fiscal conditions for 2009 euro adoption. 
    A ratings upgrade by Moody's this week has added to buying 
appetite among foreign investors, helping the crown extend its 
gains despite a drop on neighbouring markets, dealers said. 
    "There was a slight correction along with the Polish zloty 
first, and then renewed euro selling from abroad took the crown 
to a new high of 36.670," said a dealer with a foreign bank in 
Bratislava. 
    At 1430 GMT, the crown was quoted at 36.660/710 per euro, 
compared with Tuesday's close of 36.755 bid <EURSKK=>. 
    On Tuesday, Moody's raised Slovak government debt ratings to 
"A1" from "A2", praising the country's reforms, economic 
performance and fiscal discipline. 
    Market watchers said they saw room for more crown firming if 
bigger central European markets do not weaken sharply. 
    "London-based banks are still buying crowns, so we could 
test even 36.600 per euro this week or in the coming weeks," 
said Slovenska Sporitelna dealer Vladimir Gajdos. 
----------------MARKET SNAPSHOT AT 1405 GMT------------------- 
Crown/Euro <EURSKK=> 36.660 vs 36.755 on Tuesday (+0.19 pct) 
Crown/Dollar <SKK=>  29.304 vs 29.294 (-0.14 pct) 
5-yr govt bond <SK5YT=RR> yield 4.687/4.486 vs 4.627/4.327 
9-yr govt bond <SK9YT=RR> yield 4.471/4.272 vs 4.588/4.388 
-------------------------------------------------------------- 
 ((Reporting by Martin Dokoupil, editing by Mike Peacock; 
Reuters Messaging: martin.dokoupil.reuters.com@reuters.net; +421 
5341 8402)) 
  Keywords: MARKETS SLOVAKIA CROWN CLOSE 
    

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