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Koruna Approaches One-Month High on German Economy: Prague Mover

Dec. 6 (Bloomberg) -- The koruna approached its strongest level in a month against the euro as factory orders from Germany, the biggest buyer of Czech exports, increased more than economists predicted.

The Czech currency appreciated as much as 0.2 percent to 25.160 per euro and traded less than 0.1 percent stronger at 25.197 at 3:52 p.m. in Prague. The koruna reached 2.148 at the end of last week, the highest intraday level since Nov. 1.

German factory orders surged almost four times as much as economists forecast in October, a government report showed today, a day after a purchasing managers’ index for services in the biggest European economy unexpectedly rose. Exports account for about 75 percent of Czech gross domestic product.

“Germany is a key yardstick for all of central Europe” and the PMI data “signaled a turn for the better,” Jan Bures, a Prague-based currency analyst at CSOB AS in Prague, wrote in a report today. “But it is too early for buoyant celebrations.”

Czech government bonds were little changed, with the yield on five-year koruna notes rising less than one basis point, or 0.01 percentage point, to 0.77 percent.

To contact the reporter on this story: Krystof Chamonikolas in Prague at kchamonikola@bloomberg.net

To contact the editor responsible for this story: Wojciech Moskwa at wmoskwa@bloomberg.net

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