The Estonian kroon extended its recent rally against the US dollar during early New York trading on Thursday. The kroon that fell to a 6-day low against the buck on Wednesday bounced back and hit a 2-day high of 11.488 by 8:10 am Eastern Time on Thursday. The Estonian kroon pared some of its gains shortly and is currently worth 11.5 against the greenback.
The Estonian kroon is pegged to the European single currency since January 1, 1999. The reference rate for the euro-kroon pair is at 15.6466.
In economic news, a report by Statistics Estonia said the trade deficit stood at EEK1.57 billion in January, narrowing from an EEK3.07 billion deficit in the previous month. The report said the trade deficit was the smallest since January 2005. Exports declined 29% annually to EEK7.2 billion in January, while imports dropped 36% to EEK8.8 billion.
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