Kurzový závazek České národní banky a jeho ukončení

The first part of the diploma thesis deals with the mapping of the period when Czech national bank was applying exchange rate commitment as the exchange rate system. The motivation that led to this decision is captured here together with criticism of exchange rate commitment, its process and termination. Czech currency was undervalued during this period and therefore a lot of economists and analysts were expecting its immediate strengthening, which did not happen. The aim of this work is to use fundamental analysis to capture all factors that affected the most the development of the exchange rate in the time of its termination, which was 6th April to 31st August 2017. Based on the analysis the development of the exchange rate was mainly affected by speculators who, as a reaction on strengthening of exchange rate, were closing their trades and therefore they hampered further strengthening of Czech crown. Further impact on the Czech crown development had data which were published by Czech statistical office such as inflation, GDP, unemployment, sales in retail, average nominal wage and industrial production, decision of bank board, verbal intervention of members of CNB, economic data of Eurozone, statements of members of ECB, French presidential elections, political affairs both domestic and foreign and comments of representatives of USA and Germany.