The crown strengthens on the waves of global optimism (Comment)

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The index of purchasing managers of Czech producers rose in
May to 39.6 points from the previous bottom to 35.1 points.
The index has grown, but from extremely low values,
and remain well below the surface of the fifty point that separates the economic
decline from growth. Quarantine measures have significantly reduced demand from abroad.
Not using the capacity forces the company to lay off workers the second fastest
pace since July 2009, even though some companies have used support
sttu programs. Full comment kPMI on

The state budget managed in the first five months
this year with a deficit of 157.4 billion K.
Compared to the same period last time
year, the result of the mountains is 106.5 billion K. From the point of view of May results
clearly one of the worst results in history. Even the worst so far
May result from 2010 is the year of the mountains by 62.1 billion K. Fully
showed the potential for a loss of tax revenue. These are against her lot
about five percent and even compared to the updated full budget loss
50.5 billion K. The total expenditure of the central budget increased in the first five months
meziron by 12.2% and are thus well above full. Full comment on

The US ISM industry in May rose slightly
at 43.1 b.
, ie slightly below market estimates. She stuck
both the production component and employment. Optimism also showed nov
orders to go in April fell at the fastest pace since 1951.

Finann markets continued to run the week on
positive waves.
stock markets in terms of profit and US trading also indicates growth.
In the foreign exchange market, the euro has slightly improved against the US dollar and
stm and the whole region. The Polish zloty became a Monday inland
one hundred percent. The Hungarian forint ended behind him.
The koruna improved by 0.5% during the day and closed the day at 26.78 per euro.
It is the strongest since mid-April. It is still supported by positive sentiment
on the stock market and especially on the foreign exchange markets. Weakening dollar and moving investor
crisis assets support the whole area of ​​emerging markets
crowns, while domestic rates remain stable compared to those in euros. And below
so let’s anticipate an early reversal of the koruna’s exchange rate trend.

Author: Frantiek Tborsk


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