Treasury - Daily Forex for day 28.08.2004

...higher-than-expected 10,000 in the last week. Elsewhere, the yen firmed both against the dollar and the euro, helped by a further drop in oil prices and data showing Japan's trade surplus widened by a robust 44.2% y-o-y in July. Today's attention will be on revised second-quarter U.S. gross domestic product figures and Federal Reserve Chairman Alan Greenspan's speech. The market expects GDP growth to be revised down to 2.8% from 3.0% in the initial estimate.

The crown slipped to an eight-week low of 31.93 to the euro on Thursday following a widely-expected CNB's decision to raise interest rates by 25 basis points. The crown-selling seems to have been driven by those investors, who had expected a larger 50 basis point rate rise. Moreover, the currency appeared mirroring falling currencies of neighbouring Poland and Slovakia.