The koruna once again improved its maximum against the euro, the stock exchange improved its more than one-year high

Money, euro, Czech crown, banknotes, coins – illustration photo.

Prague – Today, the koruna once again improved its more than fourteen-year high against the euro. Compared to Tuesday's close, it strengthened by 14 halers to 23.38 CZK/EUR, the last time it was stronger was in July 2008. Against the dollar, the Czech currency is the strongest in about a month, today around 17:00 it strengthened by 25 halers to 21.92 CZK/USD. This follows from data on the Patria Online server. Today, the Prague Stock Exchange improved its more than one-year high. The PX index rose by 0.54 percent to 1421.38 points. It was mainly driven up by CEZ shares.

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The Czech currency already broke through the 23.50 CZK/EUR barrier during the day on Tuesday, which happened for the first time since July 2008. Today it further improved its maximum, the last time it had a stronger finish was on July 20, 2008, when the exchange rate was just below 23 CZK/EUR.< /p>

According to analysts, the strengthening of the Czech currency is a reflection of the strengthening of the euro on the dollar market. According to Martin Gürtler from Komerční banka, the euro was supported today mainly by German inflation, which, like French and Spanish inflation published on Tuesday, was higher than expected. “The Czech koruna, as well as the entire Central European region, strengthened again today and closed the day below 23.40 CZK/EUR. The previously mentioned stronger euro probably had an influence here,” he said.

Patria Finance analyst Tomáš Vlk he pointed out that the fundamentals of the crown do not give reason for such a low exchange rate. “In our opinion, the source of its strength is to be found mainly in the demand for risk on global markets, the interest rate differential vis-à-vis the eurozone and the USA, as well as in the rhetoric of the CNB,” he says.

The koruna has been steadily strengthening against the euro since around mid-November. Already at the end of last year, the euro reached its strongest exchange rate in the last 11 years.

Today, the Prague Stock Exchange improved its more than one-year high. The PX index rose by 0.54 percent to 1421.38 points. The last time he had a stronger finish was on February 18 last year. It was mainly driven up by the shares of the energy company ČEZ. This follows from data on the stock exchange website. The main index of the Prague stock exchange PX has been growing since the beginning of the week. The koruna also did well, strengthening against both major world currencies and is the strongest against the euro since July 2008.

“CEZ shares contributed the most to the growth of the index, which rose by 1.35 percent to CZK 1,051. They are thus once again within reach of this year's highs, i.e. CZK 1,069,” said a broker at Wood & Company Vladimír Vávra.

Photon Energy issues rose in price by 2.13 percent to CZK 67. The shares of the insurance company VIG strengthened by 1.95 percent to 626 crowns, and the armor company Colt by 0.34 percent to 591 crowns. The securities of the tobacco company Philip Morris also rose, adding 0.70 percent to the value of 17,340 crowns.

On the other hand, the shares of Erste Bank ended in the red, having weakened by 0.07 percent to 861 CZK after Tuesday's significant growth. . Komerční banka shares lost 0.13 percent to CZK 748.50, and the Moneta issue lost 0.24 percent to CZK 84.60.

Exchange rate of the Czech currency:

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Source: Patria Online