Crown firms today, to dollar adds almost 20 hellers

Analysts say the crown was copying development in the region and was gaining almost in the same way as the neighbouring currencies.

"They improved by roughly a third today," said Miroslav Frayer of Komercni banka, adding that Poland´s GDP figure for the last quarter of 2009 was good news for them.

"Poland is the only European country which has avoided recession last year when its economy grew by 1.7 percent. In the fourth quarter alone, its growth accelerated to 3.1 percent from 1.7 percent seen in the third quarter," Frayer noted.

The quite significant firming came thanks to the combination of the strengthening crown in itself and the US dollar´s moderate fall on global markets.

"The US dollar lost roughly 20 hellers today and could be bought on the interbank market even for less than Kc19.0/$," he added.

Patria Finance analyst Tomas Vlk remarked that the dollar gained significantly on Monday while today the euro fared better.

"Its rate attacked $1.3600/EUR at one point but then started to fall again to $1.3520/$," he added.

Attention stays focused on news concerning Greece. The euro today firmed on news that Greece will present new budget cuts on Wednesday, Vlk said.

Author: ČTK
www.ctk.cz