Czech crown firms, within sight of all-time highs

...positions.

The crown rose as high as 27.435 to the euro before dipping back to 27.460 at 1500 GMT, still stronger from 27.53 on Wednesday.

"There have been stop-losses below 27.480 and stop-losses on the dollar/crown," said Miroslav Tutter, a trader at bank CSOB.

The crown reached record high of 27.41 to the euro in December last year and early January this year.

It had been on the back foot in the first half of 2007 and dropped as low as 28.800 in July, before strengthening on a narrowing interest rate discount against major currencies and unwinding of carry trades.

The euro reached all-time high against the dollar of 1.3927 on Thursday as markets expect an interest rate cut in the United States.

The crown probed new highs against the dollar, being quoted as strong as 19.746 bid before dipping to 19.770/800 at 1500 GMT, from 19.800/830 late on Wednesday.