2008.12.1507:48:00UTC+00Estonian kroon at 8-week high against dollar

The Estonian kroon edged up to an 8-week high of 11.5973 against the US dollar by 5:40 am ET Monday, compared to last week's close of 11.6950. The dollar-kroon pair moved sideways thereafter and is currently trading at 11.62. On the upside, the kroon may find resistance near 11.37 level.

The Estonian kroon is pegged to the Euro since January 1, 1999. The reference rate for the euro-kroon pair is at 15.6466.

In economic news, The Estonian Central Bank said today that the nation's current account deficit fell to 1.26 billion kroons in October from 2.44 billion kroons the previous month. This was revised from a deficit of 3.50 billion kroons.

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