Czech Koruna Eases From Asian Session Highs Against US Dollar
14 December 2009 - 11:45PM
RTTF2
The Czech koruna halted its Asian session's rally versus its US
counterpart in early trading on Monday following the report showed
that the nation's retail sales decreased more than analysts had
predicted. The koruna that climbed to 17.485 against the greenback
around 2:40 am ET reversed its course thereafter and slipped back
to below the 17.6 level after five hours.
The Czech Statistical Office announced that the retail sales at
constant prices decreased an unadjusted 4.7% year-on-year in
October, compared to the 7.3% fall in September, revised from 7.6%
decline reported initially. Economists were looking for a decline
of 4.6%.
At the same time, the statistical office announced that the
industrial production dropped a seasonally adjusted 7.2%
year-on-year in October, revised from 7.3% fall reported initially.
In September, industrial production was down 11.5%. On a monthly
basis, industrial production increased 1% in October.
The dollar-koruna pair ended Friday's trading higher at 17.69.
If the domestic currency sheds gains further, it may test the
17.667 support level in near-term.
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