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Slovak Crown Sets Record
Not a currency that is mentioned very often, the Slovak Crown set a new record during Tuesday mornings trading. The boost comes from the expected announcement from the European Commission on Wednesday that will okay the adoption of the Euro in the country by 2009. The Crown rose 0.3%, setting a new record of 32.130 against the Euro during the mornings steady trading.
“We are under 32.200, and this is uncharted territory,’ said Andrej Zeman, an ING trader out of Bratislava. Slovakia has been working to meet all of the criteria needed to adopt the Euro and everyone believes the initial verdict from the European commission will be positive. However, it is expected that the European Commission will not dismiss their concerns about the country keeping their price growth to a minimum once the Euro is adopted in the country. There is a good possibility that the Crown could strengthen to back up 32.00 after the announcement has been made.