The Slovak crown started trading on Tuesday at 42.100 SKK/EUR and firmed below 42 SKK/EUR under an optimistic mood on the market. However, it failed to defend its strongest level of 41.950/990 SKK/EUR. Slovenska Sporitelna dealer Juraj Zabadal said that in the afternoon London banks again started buying foreign exchange and the exchange rate bounced back to 42.040/070 SKK/EUR. He added that except the stagnating Czech crown, neighboring currencies appreciated moderately on Tuesday.

The dealer views the Slovak foreign currency market as unclear and not transparent. „I assume that the Slovak crown would again attempt to firm below 42.0 SKK/EUR,“ said Mr. Zabadal, adding that further appreciation of the Slovak crown would be difficult and slow. He estimates the ceiling of the Slovak crown’s exchange rate at 42.200 SKK/EUR.

The Slovak currency weakened by 15 hallers against the US dollar on Tuesday, up from 39.200 SKK/USD to 39.350 SKK/USD. On the euro-dollar market the dollar firmed towards the euro to 1.0690 USD/EUR. The cross rate of the Slovak and Czech currency was at 1.322/324 SKK/CZK.