Czech crown opens steady, eyes c.bank rate verdict

PRAGUE, Nov 27 (Reuters) - The Czech crown opened steady against the euro on Monday and most analysts expect it to stay in a relatively narrow range around the 28 level in the run-up to Thursday's central bank decision on interest rates.

The crown traded at 28.050 per euro <0#EURCZK=> by 0810 GMT, barely changed from Friday's domestic close. The currency has hovered near all-time highs since peaking at a record of 27.875 per euro on Nov. 6.

The central bank looks all but certain to keep credit costs unchanged on Thursday and they seem set to remain on hold until at least January, as a firm crown tames budding price pressures in the booming economy, a Reuters poll showed on Friday [ID:nL24299086].

Looking ahead, analysts at London's JPMorgan Chase Bank recommended investors sell euros for crowns via a zero-cost options structure, predicting an uptick in the Czech currency into the year-end.

"We see room for modest catch-up in CZK, where shorts are still widespread," JPMorgan analysts said in a report.

"While the upside is not as great as in higher-beta currencies, the crown is less immune than the rest of the region should risk appetite turn because of year-end position squaring," they added.

Global dollar weakness and rising currency volatility put emerging markets under pressure late last week, with many investors choosing to book profits on their trades in high-yield emerging markets assets.

----------------- MARKET SNAPSHOT AT 0809 GMT ----------------- Crown/euro <EURCZK=> last deals at 28.050 (-0.13 pct) Crown/dollar <CZK=> at 21.347 bid (+0.31 pct)

5-year yield due Oct 2010 <CZ5YT=RR> 3.47 pct bid 10-year yield due Jan 2016 <CZ10YT=RR> 3.74 pct bid

5-yr CZK/EUR mid yield spread <DE114147=> -20 bps 10-yr CZK/EUR mid yield spread <DE113529=> 6 bps

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

((Reporting by Marek Petrus; Editing by Gerrard Raven; 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 OPEN