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Kdy se nepoda)Tj /R486 10.9942 Tf 136.471 0 Td (!)Tj /R488 10.9942 Tf 3.66094 0 Td (ilo )Tj -330.055 -13.792 Td (provst nutn strukturln opat)Tj /R486 10.9942 Tf 134.651 0 Td (!)Tj /R488 10.9942 Tf 3.66141 0 Td (en, kter by je mohla dostat ze patn ekonomick )Tj -138.313 -13.793 Td (situace, centrln bank)Tj /R486 10.9942 Tf 103.477 0 Td (!)Tj /R488 10.9942 Tf 3.66094 0 Td (i se obrtili k rychlm pravm a manipulaci s cenou m)Tj /R486 10.9942 Tf 244.857 0 Td (")Tj /R488 10.9942 Tf 4.88016 0 Td (n. )Tj -356.875 -13.793 Td (V konfrontaci s nim ne optimlnm r)Tj /R486 10.9942 Tf 178.312 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td (stem a slabou infla)Tj /R486 10.9942 Tf 82.7409 0 Td ( )Tj /R488 10.9942 Tf 4.87875 0 Td (n dynamikou m)Tj /R486 10.9942 Tf 72.0689 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td (e )Tj -348.994 -13.792 Td (slab m)Tj /R486 10.9942 Tf 33.8897 0 Td (")Tj /R488 10.9942 Tf 4.87969 0 Td (na zajistit r)Tj /R486 10.9942 Tf 48.8461 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td (st vvozu, dovozn inflaci a postarat se o ir hospod)Tj /R486 10.9942 Tf 239.992 0 Td (!)Tj /R488 10.9942 Tf 3.66187 0 Td (sk )Tj -336.766 -13.793 Td (oiven, protoe fungujc firmy vytv)Tj /R486 10.9942 Tf 167.612 0 Td (!)Tj /R488 10.9942 Tf 3.66094 0 Td (ej pracovn msta a zvyuj platy. )Tj /R483 9.99469 Tf 0 1 -1 -0 343.65 48.5156 Tm [( )260]TJ 13.9927 TL T*[( )260]TJ /R484 10.9942 Tf 0 1 -1 -0 371.362 34.35 Tm [(Zm)0.00779621()0.0479657(na ve vyjad!ovn )]TJ /R488 10.9942 Tf 13.7916 TL (Sou)' /R486 10.9942 Tf 17.1089 0 Td ( )Tj /R488 10.9942 Tf 4.87922 0 Td (asn m)Tj /R486 10.9942 Tf 30.8358 0 Td (")Tj /R488 10.9942 Tf 4.87922 0 Td (nov vlka m ko)Tj /R486 10.9942 Tf 77.8495 0 Td (!)Tj /R488 10.9942 Tf 3.66187 0 Td (eny v zasedn v G20 v roce 2009, kde se spustila )Tj -139.215 -13.7934 Td (teorie globlnho rebalancovn. Podle t mylenky by se m)Tj /R486 10.9942 Tf 262.877 0 Td (")Tj /R488 10.9942 Tf 4.87922 0 Td (ly zem)Tj /R486 10.9942 Tf 29.6109 0 Td (")Tj /R488 10.9942 Tf 4.88109 0 Td ( s m)Tj /R486 10.9942 Tf 18.3267 0 Td (")Tj /R488 10.9942 Tf 4.88016 0 Td (novmi )Tj -325.455 -13.793 Td (p)Tj /R486 10.9942 Tf 5.49703 0 Td (!)Tj /R488 10.9942 Tf 3.66094 0 Td (ebytky vzniklmi vvozem pohnout k r)Tj /R486 10.9942 Tf 173.744 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td (stu spot)Tj /R486 10.9942 Tf 33.9047 0 Td (!)Tj /R488 10.9942 Tf 3.66094 0 Td (eby, zatmco stty s deficitem )Tj -225.964 -13.792 Td (vzniklm spot)Tj /R486 10.9942 Tf 62.6044 0 Td (!)Tj /R488 10.9942 Tf 3.66094 0 Td (ebou by se m)Tj /R486 10.9942 Tf 58.32 0 Td (")Tj /R488 10.9942 Tf 4.88109 0 Td (ly soust)Tj /R486 10.9942 Tf 33.9052 0 Td (!)Tj /R488 10.9942 Tf 3.66187 0 Td (edit na r)Tj /R486 10.9942 Tf 36.0211 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td (st exportu. Problmem ovem bylo, )Tj -208.552 -13.793 Td (e nikdo nenazna)Tj /R486 10.9942 Tf 76.3097 0 Td ( )Tj /R488 10.9942 Tf 4.87875 0 Td (il, jak by k tomuto posunu m)Tj /R486 10.9942 Tf 126.74 0 Td (")Tj /R488 10.9942 Tf 4.87875 0 Td (lo dojt. Bez kl)Tj /R486 10.9942 Tf 68.4019 0 Td ( )Tj /R488 10.9942 Tf 4.88016 0 Td (ovch )Tj -286.089 -13.793 Td (strukturlnch zm)Tj /R486 10.9942 Tf 77.2434 0 Td (")Tj /R488 10.9942 Tf 4.88016 0 Td (n, kde by se vsledky nedaly snadno p)Tj /R486 10.9942 Tf 169.159 0 Td (!)Tj /R488 10.9942 Tf 3.66094 0 Td (edpovdat, poskytuje )Tj -254.943 -13.792 Td (konkuren)Tj /R486 10.9942 Tf 41.5228 0 Td ( )Tj /R488 10.9942 Tf 4.88062 0 Td (n devalvace jednoduch )Tj /R486 10.9942 Tf 111.418 0 Td (!)Tj /R488 10.9942 Tf 3.66094 0 Td (een. Podle teorie prmiov parity m)Tj /R486 10.9942 Tf 164.864 0 Td (")Tj /R488 10.9942 Tf 4.87875 0 Td (na s )Tj -331.225 -13.793 Td (vym o)Tj /R486 10.9942 Tf 39.4031 0 Td ( )Tj /R488 10.9942 Tf 4.87922 0 Td (ekvnm rokov sazby posl oproti t s nim o)Tj /R486 10.9942 Tf 223.507 0 Td ( )Tj /R488 10.9942 Tf 4.88016 0 Td (ekvnm rokov )Tj -272.67 -13.793 Td (sazby. Zajmav je, e v souvislosti s finan)Tj /R486 10.9942 Tf 188.381 0 Td ( )Tj /R488 10.9942 Tf 4.88109 0 Td (n kriz bank)Tj /R486 10.9942 Tf 60.4462 0 Td (!)Tj /R488 10.9942 Tf 3.66094 0 Td (i u vyuili nstroje, )Tj -257.37 -13.792 Td (kter jejich m)Tj /R486 10.9942 Tf 60.4406 0 Td (")Tj /R488 10.9942 Tf 4.87969 0 Td (nu oslabovaly, take museli hledat jin, kter by zmrnily vhled )Tj ET Q Q q 0 2.91016 4958 7012.02 re W n 0 0 0 0.284424 k 4629.36 286.223 m 4460.32 286.223 l 4580.25 286.223 l 4580.25 6731.59 l 4460.32 6731.59 l 4629.36 6731.59 l 4509.41 6731.59 l 4509.41 286.223 l 4629.36 286.223 l f 0 0.443359 0.626953 0 k 4700.18 286.223 m 4483.92 286.223 l 4603.86 286.223 l 4603.86 6731.59 l 4483.92 6731.59 l 4700.18 6731.59 l 4580.25 6731.59 l 4580.25 286.223 l 4700.18 286.223 l f 0 0 0 0.467773 k 826.336 2340.25 236.09 4391.37 re f Q q 844.043 2458.3 218.383 4155.27 re W n 0 0 0 0 k q 8.33333 0 0 8.33333 0 0 cm BT /R500 17.9904 Tf 0 1 -1 -0 119.679 294.996 Tm (dn m)Tj /R501 17.9904 Tf 72.9506 0 Td ()Tj /R500 17.9904 Tf 9.49922 0 Td (nov vlka? V!n)Tj /R501 17.9904 Tf 143.943 0 Td ()Tj /R500 17.9904 Tf 9.49875 0 Td (?)Tj ET Q Q q 0 2.91016 4958 7012.02 re W n 0 0 0 0.284424 k 826.336 286.25 236.09 2054 re f Q q 844.043 404.297 218.383 1817.91 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R500 17.9904 Tf 0 1 -1 -0 118.886 48.5156 Tm (Ekonomika)Tj ET Q Q q 1180.48 3567.95 3210.89 3045.6 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R483 9.99469 Tf 0 1 -1 -0 151.153 442.32 Tm [( )260.001]TJ /R488 10.9942 Tf 0 1 -1 -0 164.871 428.153 Tm (rokov sazby. Jednotliv stty ukzaly, e by byly ochotn snit rokov sazby )Tj 13.793 TL (p)' /R486 10.9942 Tf 5.49703 0 Td (!)Tj /R488 10.9942 Tf 3.66094 0 Td [(e)0.154556(d)500]TJ /R486 10.9942 Tf 10.3767 0 Td ( )Tj /R488 10.9942 Tf 4.88016 0 Td (asn)Tj /R486 10.9942 Tf 14.655 0 Td (")Tj /R488 10.9942 Tf 4.88016 0 Td ( \(oficiln)Tj /R486 10.9942 Tf 39.9877 0 Td (")Tj /R488 10.9942 Tf 4.88016 0 Td ( z obavy hrozby deflace\) a umonily tak poslen m)Tj /R486 10.9942 Tf 225.611 0 Td (")Tj /R488 10.9942 Tf 4.88016 0 Td (ny. )Tj -319.309 -13.793 Td (P)Tj /R486 10.9942 Tf 6.11484 0 Td (!)Tj /R488 10.9942 Tf 3.66094 0 Td (estoe globln rebalancovn nabralo negativn konotaci, ta mylenka z)Tj /R486 10.9942 Tf 316.576 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td (stv )Tj -331.849 -13.792 Td (stle siln. Laragdeov jen zm)Tj /R486 10.9942 Tf 133.401 0 Td (")Tj /R488 10.9942 Tf 4.88016 0 Td (nila zp)Tj /R486 10.9942 Tf 29.6109 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td (sob vyjad)Tj /R486 10.9942 Tf 42.4472 0 Td (!)Tj /R488 10.9942 Tf 3.66094 0 Td (ovn. "Mus dojt k fiskln )Tj -219.497 -13.793 Td (konsolidaci a ta mus probhat sprvnm tempem specifickm pro kad stt. )Tj /R486 10.9942 Tf ()' /R488 10.9942 Tf 7.33312 0 Td (asto mus kr)Tj /R486 10.9942 Tf 58.6266 0 Td ( )Tj /R488 10.9942 Tf 4.88016 0 Td (et ruku v ruce s monetrn politikou, a vid)Tj /R486 10.9942 Tf 184.721 0 Td (")Tj /R488 10.9942 Tf 4.88016 0 Td (li jsme u pom)Tj /R486 10.9942 Tf 65.0409 0 Td (")Tj /R488 10.9942 Tf 4.88016 0 Td [(rn)500]TJ /R486 10.9942 Tf 9.15797 0 Td (")Tj /R488 10.9942 Tf 4.87969 0 Td ( )Tj -344.4 -13.792 Td (p)Tj /R486 10.9942 Tf 5.49703 0 Td (!)Tj /R488 10.9942 Tf 3.66094 0 Td (izp)Tj /R486 10.9942 Tf 13.432 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td (sobivou monetrn politiku, kter slouila podpo)Tj /R486 10.9942 Tf 213.742 0 Td (!)Tj /R488 10.9942 Tf 3.66141 0 Td (e a pomoci fiskln )Tj -245.49 -13.793 Td (konsolidaci," prohlsila. )Tj (Sou)' /R486 10.9942 Tf 17.1089 0 Td ( )Tj /R488 10.9942 Tf 4.88016 0 Td (asn fze globlnch m)Tj /R486 10.9942 Tf 101.041 0 Td (")Tj /R488 10.9942 Tf 4.87875 0 Td (novch vlek se nikdy netkala formlnch )Tj -127.909 -13.792 Td (prohlen nebo rozmchlch gest, spe lo o partyznskou vlku. Pololetn )Tj (zprva ministerstva financ o mezinrodn politice a politice rokovch sazeb pro )' (US kongres varovala Evropu p)' /R486 10.9942 Tf 135.564 0 Td (!)Tj /R488 10.9942 Tf 3.66094 0 Td (ed p)Tj /R486 10.9942 Tf 18.623 0 Td (!)Tj /R488 10.9942 Tf 3.66094 0 Td (linm spolhnm na r)Tj /R486 10.9942 Tf 105.958 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td (st zp)Tj /R486 10.9942 Tf 20.4591 0 Td (#)Tj /R488 10.9942 Tf 5.49656 0 Td (soben )Tj -298.92 -13.792 Td (vvozem. Tato poznmka jasn)Tj /R486 10.9942 Tf 134.33 0 Td (")Tj /R488 10.9942 Tf 4.87922 0 Td ( nazna)Tj /R486 10.9942 Tf 28.3819 0 Td ( )Tj /R488 10.9942 Tf 4.88109 0 Td (uje, e m)Tj /R486 10.9942 Tf 39.9867 0 Td (")Tj /R488 10.9942 Tf 4.88016 0 Td (nov vlky stle zu)Tj /R486 10.9942 Tf 84.5658 0 Td (!)Tj /R488 10.9942 Tf 3.66141 0 Td (. Ameri)Tj /R486 10.9942 Tf 36.638 0 Td ( )Tj /R488 10.9942 Tf 4.87969 0 Td (t )Tj -347.084 -13.793 Td (politi)Tj /R486 10.9942 Tf 23.213 0 Td ( )Tj /R488 10.9942 Tf 4.87875 0 Td (t stratgov maj nyn obavy, e siln USD zbrzd hospod)Tj /R486 10.9942 Tf 261.976 0 Td (!)Tj /R488 10.9942 Tf 3.66094 0 Td (sk oiven a )Tj -293.729 -13.793 Td (sna se p)Tj /R486 10.9942 Tf 42.743 0 Td (!)Tj /R488 10.9942 Tf 3.66094 0 Td (ijmout strategick \(i kdy nijak vrazn\) opat)Tj /R486 10.9942 Tf 200.267 0 Td (!)Tj /R488 10.9942 Tf 3.66094 0 Td (en. Konkuren)Tj /R486 10.9942 Tf 62.895 0 Td ( )Tj /R488 10.9942 Tf 4.87922 0 Td (n )Tj -318.106 -13.793 Td (devalvace byla velice sp)Tj /R486 10.9942 Tf 112.636 0 Td (")Tj /R488 10.9942 Tf 4.88109 0 Td [()-0.154556(n)500]TJ /R486 10.9942 Tf 9.77484 0 Td (")Tj /R488 10.9942 Tf 4.88016 0 Td ( vyuita k oiven americk ekonomiky, kdy )Tj -132.172 -13.792 Td (kvantitativn uvol)Tj /R486 10.9942 Tf 77.8669 0 Td ($)Tj /R488 10.9942 Tf 5.49703 0 Td (ovn drelo USD um)Tj /R486 10.9942 Tf 96.1828 0 Td (")Tj /R488 10.9942 Tf 4.87922 0 Td (le slab \(vzpome)Tj /R486 10.9942 Tf 75.1017 0 Td ($)Tj /R488 10.9942 Tf 5.49703 0 Td (me na EUR/USD na )Tj -265.025 -13.793 Td (rovni 1,5144\). Kdy se te)Tj /R486 10.9942 Tf 117.248 0 Td (%)Tj /R488 10.9942 Tf 7.10672 0 Td ( situace obrtila a kvantitativn uvol)Tj /R486 10.9942 Tf 157.843 0 Td ($)Tj /R488 10.9942 Tf 5.49703 0 Td (ovn ECB )Tj -287.695 -13.793 Td (znehodnocuje euro a zp)Tj /R486 10.9942 Tf 104.091 0 Td (#)Tj /R488 10.9942 Tf 5.49656 0 Td (sobuje r)Tj /R486 10.9942 Tf 35.1131 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td (st exportu, o)Tj /R486 10.9942 Tf 54.6591 0 Td ( )Tj /R488 10.9942 Tf 4.88109 0 Td (ekvme, e se tato nenpadn )Tj -209.738 -13.792 Td (bitva oiv, protoe Fed m)Tj /R486 10.9942 Tf 118.772 0 Td (!)Tj /R488 10.9942 Tf 3.66187 0 Td ( k prvnmu zven rokovch sazeb v z)Tj /R486 10.9942 Tf 185.322 0 Td (!)Tj /R488 10.9942 Tf 3.66187 0 Td ( a USD se )Tj -311.418 -13.793 Td (stle pohybuje b)Tj /R486 10.9942 Tf 77.5547 0 Td ( )Tj /R488 10.9942 Tf 4.88016 0 Td (m sm)Tj /R486 10.9942 Tf 27.1852 0 Td (")Tj /R488 10.9942 Tf 4.87875 0 Td (rem. Ironi ovem je, e ob)Tj /R486 10.9942 Tf 118.15 0 Td (")Tj /R488 10.9942 Tf 4.88016 0 Td (t tto neexistujc m)Tj /R486 10.9942 Tf 90.0731 0 Td (")Tj /R488 10.9942 Tf 4.88062 0 Td (nov )Tj -332.482 -13.793 Td (vlky by mohla bt americk ekonomika. )Tj 13.792 TL ( )' ET Q Q q 283.34 286.223 234.418 1062.43 re W n q 0 1063.2 -235.2 -0 518.1 285.9 cm /R201 Do Q Q q 436.801 4748.42 153.461 1983.2 re W n 0 0 0 0.284424 k q 8.33333 0 0 8.33333 0 0 cm BT /R520 13.9926 Tf 0 1 -1 -0 66.9234 671.324 Tm (20. - 26. dubna 2015)Tj ET Q Q q 283.367 2009.7 153.457 4721.89 re W n 0.578125 0.580078 0.583984 0.31958 k q 8.33333 0 0 8.33333 0 0 cm BT /R520 17.9904 Tf 0 1 -1 -0 49.2188 593.919 Tm (T!DENN" V!HLED TRHU)Tj ET Q Q Q endstream endobj 477 0 obj 15496 endobj 525 0 obj <> stream q 0.12 0 0 0.12 0 0 cm /R9 gs q 0 2.91016 4958 7012.02 re W n 4.16446 w 2 J 0.578125 0.580078 0.583984 0.31958 K 826.336 286.223 m 826.336 6731.59 l S Q q 4728.85 6006.68 127.758 741.594 re W n 0.578125 0.580078 0.583984 0.31958 k q 8.33333 0 0 8.33333 0 0 cm BT /R527 6.99628 Tf 0 1 -1 -0 576.934 777.192 Tm (Page )Tj /R531 6.99628 Tf 17.6302 0 Td (4)Tj /R532 6.99628 Tf 3.88969 0 Td ( | )Tj /R531 6.99628 Tf 5.19188 0 Td (8)Tj ET Q Q q 0 2.91016 4958 7012.02 re W n 4.16446 w 0 0 0 0.467773 K 4696.21 791.141 m 4852.65 791.141 l S Q q 4681.62 269.566 185.602 538.23 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R532 5.99681 Tf 0 1 -1 -0 569.832 34.3467 Tm (Swissquote Bank SA )Tj 7.99594 TL (Tel +41 22 999 94 11)' ET Q Q q 0 2.91016 4958 7012.02 re W n 4.16446 w 0 0 0 0.467773 K 4696.21 1493.87 m 4852.65 1493.87 l S Q q 4681.62 774.48 185.602 736.047 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R532 5.99681 Tf 0 1 -1 -0 569.832 98.535 Tm (Ch. de la Cr!taux 33, CP 319 )Tj 7.99594 TL (Fax +41 22 999 94 12)' ET Q Q q 0 2.91016 4958 7012.02 re W n 4.16446 w 0 0 0 0.467773 K 4696.21 2215.38 m 4852.65 2215.38 l S Q q 4681.62 1477.21 185.602 754.824 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R532 5.99681 Tf 0 1 -1 -0 569.832 182.864 Tm (CH-1196 Gland )Tj 7.99594 TL (forex.analysis@swissquote.ch)' ET Q Q q 4681.62 2198.72 185.602 642.336 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R532 5.99681 Tf 0 1 -1 -0 569.832 269.445 Tm (Switzerland )Tj 7.99594 TL (www.swissquote.com/fx)' ET Q Q q 1180.48 286.25 3210.89 3092.82 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R533 10.9942 Tf 0 1 -1 -0 151.717 34.35 Tm (nsk ekonomika zpomaluje )Tj /R488 10.9942 Tf 13.793 TL (Nejene vykazuje znmky zpomalen americk hospod)' /R535 10.9942 Tf 246.954 0 Td ()Tj /R488 10.9942 Tf 3.66187 0 Td (stv, ale letos oslabuje i )Tj -250.616 -13.793 Td (druh nejv)Tj /R535 10.9942 Tf 46.7091 0 Td ( )Tj /R488 10.9942 Tf 4.87922 0 Td (t ekonomika sv)Tj /R535 10.9942 Tf 74.5111 0 Td ( )Tj /R488 10.9942 Tf 4.88016 0 Td (ta. )Tj /R535 10.9942 Tf 13.432 0 Td (!)Tj /R488 10.9942 Tf 7.33312 0 Td (nsk hospod)Tj /R535 10.9942 Tf 62.5987 0 Td ()Tj /R488 10.9942 Tf 3.66094 0 Td (stv vzrostlo b)Tj /R535 10.9942 Tf 62.2992 0 Td ( )Tj /R488 10.9942 Tf 4.87875 0 Td (hem druhho )Tj /R535 10.9942 Tf -285.182 -13.792 Td (")Tj /R488 10.9942 Tf 4.87922 0 Td (tvrtlet pouze o 7%, co je nejni daj od roku 2009, zatmco vvoz se meziro)Tj /R535 10.9942 Tf 350.488 0 Td (")Tj /R488 10.9942 Tf 4.87922 0 Td (n)Tj /R535 10.9942 Tf 5.49656 0 Td ( )Tj /R488 10.9942 Tf 4.88016 0 Td ( )Tj -370.623 -13.793 Td (v b)Tj /R535 10.9942 Tf 13.7428 0 Td ()Tj /R488 10.9942 Tf 3.66094 0 Td (eznu snil o -15% oproti 12 dohodnutm procent)Tj /R535 10.9942 Tf 218.928 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td (m \(p)Tj /R535 10.9942 Tf 20.4577 0 Td ()Tj /R488 10.9942 Tf 3.66094 0 Td (edel daj byl upraven )Tj -265.947 -13.793 Td (ze 48,3% meziro)Tj /R535 10.9942 Tf 74.1783 0 Td (")Tj /R488 10.9942 Tf 4.87922 0 Td (n)Tj /R535 10.9942 Tf 5.49703 0 Td ( )Tj /R488 10.9942 Tf 4.88016 0 Td ( na -3,2%\) a dovoz klesl v b)Tj /R535 10.9942 Tf 123.346 0 Td ()Tj /R488 10.9942 Tf 3.66094 0 Td (eznu meziro)Tj /R535 10.9942 Tf 54.0267 0 Td (")Tj /R488 10.9942 Tf 4.87922 0 Td (n)Tj /R535 10.9942 Tf 5.49703 0 Td ( )Tj /R488 10.9942 Tf 4.87969 0 Td ( na -12,7% oproti )Tj -285.724 -13.792 Td (o)Tj /R535 10.9942 Tf 5.49703 0 Td (")Tj /R488 10.9942 Tf 4.87922 0 Td (ekvanm -10%. Celkov obchodn bilance byla vy)Tj /R535 10.9942 Tf 227.453 0 Td (")Tj /R488 10.9942 Tf 4.87922 0 Td (slena na 3,08 miliard )Tj -242.708 -13.793 Td (dolar)Tj /R535 10.9942 Tf 22.59 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td (, zatmco analytici o)Tj /R535 10.9942 Tf 89.1394 0 Td (")Tj /R488 10.9942 Tf 4.88016 0 Td (ekvali 40,1 miliard dolar)Tj /R535 10.9942 Tf 113.57 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td (. Pr)Tj /R535 10.9942 Tf 15.2733 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td (myslov produkce )Tj -261.944 -13.793 Td (stoupla v b)Tj /R535 10.9942 Tf 48.2494 0 Td ()Tj /R488 10.9942 Tf 3.66094 0 Td (eznu o 5,6% oproti o)Tj /R535 10.9942 Tf 91.905 0 Td (")Tj /R488 10.9942 Tf 4.87922 0 Td (ekvanm 7%. D)Tj /R535 10.9942 Tf 76.02 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td (leit je, e pr)Tj /R535 10.9942 Tf 61.6491 0 Td (#)Tj /R488 10.9942 Tf 5.49656 0 Td (myslov )Tj -297.357 -13.792 Td (produkce od roku 2010 vrazn)Tj /R535 10.9942 Tf 134.947 0 Td ( )Tj /R488 10.9942 Tf 4.87875 0 Td ( poklesla, doshla nejni rovn)Tj /R535 10.9942 Tf 143.81 0 Td ( )Tj /R488 10.9942 Tf 4.87922 0 Td ( od listopadu 2008 )Tj /R533 10.9942 Tf -288.516 -13.793 Td (PBoC se sna zmrnit dopad )Tj /R488 10.9942 Tf (Nicmn)' /R535 10.9942 Tf 34.8023 0 Td ( )Tj /R488 10.9942 Tf 4.87969 0 Td ( zpomalen )Tj /R535 10.9942 Tf 51.2883 0 Td (")Tj /R488 10.9942 Tf 4.87922 0 Td (nsk ekonomiky vypad nevyhnuteln)Tj /R535 10.9942 Tf 167.017 0 Td ( )Tj /R488 10.9942 Tf 4.87969 0 Td (, protoe zem)Tj /R535 10.9942 Tf 59.5233 0 Td ( )Tj /R488 10.9942 Tf 4.87969 0 Td ( chce )Tj -332.149 -13.792 Td (reorganizovat sv hospod)Tj /R535 10.9942 Tf 117.232 0 Td ()Tj /R488 10.9942 Tf 3.66094 0 Td (stv na r)Tj /R535 10.9942 Tf 35.4202 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td (st generovan domc produkc a omezit )Tj -161.81 -13.793 Td (zvislost na rozvinutch ekonomikch, take je p)Tj /R535 10.9942 Tf 216.452 0 Td ()Tj /R488 10.9942 Tf 3.66094 0 Td (ipravena se rozvjet pomalejm )Tj -220.113 -13.793 Td (tempem. Politi)Tj /R535 10.9942 Tf 64.7405 0 Td (")Tj /R488 10.9942 Tf 4.88016 0 Td (t stratgov se sna zmrnit dopad snenho hospod)Tj /R535 10.9942 Tf 241.501 0 Td ()Tj /R488 10.9942 Tf 3.66094 0 Td (skho r)Tj /R535 10.9942 Tf 32.0587 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td (stu )Tj -352.338 -13.793 Td (na pracovn trh a celkovou finan)Tj /R535 10.9942 Tf 142.564 0 Td (")Tj /R488 10.9942 Tf 4.87922 0 Td (n stabilitu. Inflace je tlumena, protoe )Tj /R535 10.9942 Tf 172.793 0 Td (")Tj /R488 10.9942 Tf 4.88109 0 Td (nsk CPI )Tj -325.117 -13.792 Td (v b)Tj /R535 10.9942 Tf 13.7428 0 Td ()Tj /R488 10.9942 Tf 3.66094 0 Td (eznu poklesl meziro)Tj /R535 10.9942 Tf 88.5328 0 Td (")Tj /R488 10.9942 Tf 4.87969 0 Td (n)Tj /R535 10.9942 Tf 5.49703 0 Td ( )Tj /R488 10.9942 Tf 4.88016 0 Td ( na 1,4%, co m daleko k clovm ro)Tj /R535 10.9942 Tf 166.694 0 Td (")Tj /R488 10.9942 Tf 4.87969 0 Td (nm 3%. 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M)Tj /R535 10.9942 Tf 126.117 0 Td ( )Tj /R488 10.9942 Tf 4.88016 0 Td (ny stt)Tj /R535 10.9942 Tf 29.0091 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td ( vysoce )Tj -322.132 -13.793 Td (citlivch na )Tj /R535 10.9942 Tf 54.3431 0 Td (")Tj /R488 10.9942 Tf 4.87922 0 Td (nskou ekonomiku by mohly t)Tj /R535 10.9942 Tf 131.93 0 Td ( )Tj /R488 10.9942 Tf 4.87875 0 Td (it z dalho uvoln)Tj /R535 10.9942 Tf 80.9161 0 Td ( )Tj /R488 10.9942 Tf 4.88016 0 Td (n monetrn )Tj -281.827 -13.792 Td (politiky PBoC. )Tj ( )' ET Q Q q 0 2.91016 4958 7012.02 re W n 0 0 0 0.284424 k 4629.36 286.223 m 4460.32 286.223 l 4580.25 286.223 l 4580.25 6731.59 l 4460.32 6731.59 l 4629.36 6731.59 l 4509.41 6731.59 l 4509.41 286.223 l 4629.36 286.223 l f 0 0.443359 0.626953 0 k 4700.18 286.223 m 4483.92 286.223 l 4603.86 286.223 l 4603.86 6731.59 l 4483.92 6731.59 l 4700.18 6731.59 l 4580.25 6731.59 l 4580.25 286.223 l 4700.18 286.223 l f 0 0 0 0.467773 k 826.336 2340.25 236.09 4391.37 re f Q q 844.043 2458.3 218.383 4155.27 re W n 0 0 0 0 k q 8.33333 0 0 8.33333 0 0 cm BT /R544 17.9904 Tf 0 1 -1 -0 118.886 294.996 Tm (Normalizace )Tj /R545 17.9904 Tf 109.616 0 Td ()Tj /R544 17.9904 Tf 8.11313 0 Td (!nsk" ekonomiky)Tj ET Q Q q 0 2.91016 4958 7012.02 re W n 0 0 0 0.284424 k 826.336 286.25 236.09 2054 re f Q q 844.043 404.297 218.383 1817.91 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R544 17.9904 Tf 0 1 -1 -0 118.886 48.5156 Tm (Ekonomika)Tj ET Q Q q 1180.48 3667.44 1534.61 2752.16 re W n q 0 2753.2 -1536.2 -0 2716.1 3666.9 cm /R555 Do Q Q q 2856.75 3667.44 1534.61 2752.16 re W n q 0 2753.2 -1536.2 -0 4392.1 3666.9 cm /R556 Do Q Q q 1180.48 3567.95 3210.89 3045.6 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R532 9.99469 Tf 0 1 -1 -0 151.153 442.32 Tm [( )260.001]TJ 13.9917 TL T*[( )260.001]TJ 13.9931 TL T*[( )260.001]TJ /R532 10.9942 Tf 0 1 -1 -0 193.88 442.32 Tm [( )260]TJ 15.1922 TL ( )' ET Q Q q 283.34 286.223 234.418 1062.43 re W n q 0 1063.2 -235.2 -0 518.1 285.9 cm /R201 Do Q Q q 436.801 4748.42 153.461 1983.2 re W n 0 0 0 0.284424 k q 8.33333 0 0 8.33333 0 0 cm BT /R557 13.9926 Tf 0 1 -1 -0 66.9234 671.324 Tm (20. - 26. dubna 2015)Tj ET Q Q q 283.367 2009.7 153.457 4721.89 re W n 0.578125 0.580078 0.583984 0.31958 k q 8.33333 0 0 8.33333 0 0 cm BT /R557 17.9904 Tf 0 1 -1 -0 49.2188 593.919 Tm (T!DENN" V!HLED TRHU)Tj ET Q Q Q endstream endobj 526 0 obj 10539 endobj 562 0 obj <> stream q 0.12 0 0 0.12 0 0 cm /R9 gs q 0 2.91016 4958 7012.02 re W n 4.16446 w 2 J 0.578125 0.580078 0.583984 0.31958 K 826.336 286.223 m 826.336 6731.59 l S Q q 4728.85 6006.68 127.758 741.594 re W n 0.578125 0.580078 0.583984 0.31958 k q 8.33333 0 0 8.33333 0 0 cm BT /R564 6.99628 Tf 0 1 -1 -0 576.934 777.192 Tm (Page )Tj /R568 6.99628 Tf 17.6302 0 Td (5)Tj /R569 6.99628 Tf 3.88969 0 Td ( | )Tj /R570 6.99628 Tf 5.19188 0 Td (8)Tj ET Q Q q 0 2.91016 4958 7012.02 re W n 4.16446 w 0 0 0 0.467773 K 4696.21 791.141 m 4852.65 791.141 l S Q q 4681.62 269.566 185.602 538.23 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R569 5.99681 Tf 0 1 -1 -0 569.832 34.3467 Tm (Swissquote Bank SA )Tj 7.99594 TL (Tel +41 22 999 94 11)' ET Q Q q 0 2.91016 4958 7012.02 re W n 4.16446 w 0 0 0 0.467773 K 4696.21 1493.87 m 4852.65 1493.87 l S Q q 4681.62 774.48 185.602 736.047 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R569 5.99681 Tf 0 1 -1 -0 569.832 98.535 Tm (Ch. de la Cr!taux 33, CP 319 )Tj 7.99594 TL (Fax +41 22 999 94 12)' ET Q Q q 0 2.91016 4958 7012.02 re W n 4.16446 w 0 0 0 0.467773 K 4696.21 2215.38 m 4852.65 2215.38 l S Q q 4681.62 1477.21 185.602 754.824 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R569 5.99681 Tf 0 1 -1 -0 569.832 182.864 Tm (CH-1196 Gland )Tj 7.99594 TL (forex.analysis@swissquote.ch)' ET Q Q q 4681.62 2198.72 185.602 642.336 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R569 5.99681 Tf 0 1 -1 -0 569.832 269.445 Tm (Switzerland )Tj 7.99594 TL (www.swissquote.com/fx)' ET Q Q q 1180.48 286.25 3210.89 3092.82 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R484 10.9942 Tf 0 1 -1 -0 150.279 34.35 Tm (Ekonomika EU za)Tj /R533 10.9942 Tf 85.5267 0 Td (!n oivovat )Tj /R488 10.9942 Tf -85.5267 -13.793 Td (V b)Tj /R535 10.9942 Tf 16.1855 0 Td ()Tj /R488 10.9942 Tf 3.66094 0 Td (eznu zahjila ECB kvantitativn uvol)Tj /R571 10.9942 Tf 162.427 0 Td ( )Tj /R488 10.9942 Tf 5.49703 0 Td (ovn a za)Tj /R571 10.9942 Tf 44.5617 0 Td (!)Tj /R488 10.9942 Tf 4.87922 0 Td (ala nakupovat m)Tj /R571 10.9942 Tf 72.66 0 Td (")Tj /R488 10.9942 Tf 4.87875 0 Td [(s)-0.157221()278]TJ /R571 10.9942 Tf 7.33312 0 Td (!)Tj /R488 10.9942 Tf 4.88016 0 Td (n)Tj /R571 10.9942 Tf 5.49703 0 Td (")Tj /R488 10.9942 Tf 4.87969 0 Td ( )Tj -337.34 -13.793 Td (dluhopisy za 60 miliard euro. Program je plnovan do z)Tj /R571 10.9942 Tf 255.243 0 Td ()Tj /R488 10.9942 Tf 3.66094 0 Td ( 2016, v p)Tj /R571 10.9942 Tf 47.032 0 Td ()Tj /R488 10.9942 Tf 3.66094 0 Td (pad)Tj /R571 10.9942 Tf 18.9281 0 Td (")Tj /R488 10.9942 Tf 4.88016 0 Td ( pot)Tj /R571 10.9942 Tf 16.7967 0 Td ()Tj /R488 10.9942 Tf 3.66094 0 Td (eby )Tj -353.863 -13.792 Td (m)Tj /R571 10.9942 Tf 8.55141 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td (e trvat i dle. Kdy se tato zprva 22. ledna objevila, EUR/USD ztratil 2,6% a )Tj -14.0484 -13.793 Td (od t doby se tento m)Tj /R571 10.9942 Tf 94.3514 0 Td (")Tj /R488 10.9942 Tf 4.88109 0 Td (nov pr sthl na 1,0458, co je propad o tm)Tj /R571 10.9942 Tf 200.589 0 Td [(")0.154556()332.999]TJ /R488 10.9942 Tf 8.54109 0 Td ( 10% za )Tj -308.362 -13.793 Td (necel t)Tj /R571 10.9942 Tf 33.8737 0 Td ()Tj /R488 10.9942 Tf 3.66141 0 Td (i m)Tj /R571 10.9942 Tf 14.3541 0 Td (")Tj /R488 10.9942 Tf 4.87969 0 Td (sce. P)Tj /R571 10.9942 Tf 28.7044 0 Td ()Tj /R488 10.9942 Tf 3.66141 0 Td (i irm pohledu euro znehodnotilo od chvle, kdy Fed potvrdil )Tj -89.1347 -13.792 Td (loni v )Tj /R571 10.9942 Tf 28.0969 0 Td ()Tj /R488 10.9942 Tf 3.66094 0 Td (jnu po injekci 4,5 bilion)Tj /R571 10.9942 Tf 108.407 0 Td (#)Tj /R488 10.9942 Tf 5.49656 0 Td ( dolar)Tj /R571 10.9942 Tf 25.3392 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td (, o tm)Tj /R571 10.9942 Tf 30.2278 0 Td [(")0.154556()332.999]TJ /R488 10.9942 Tf 8.54109 0 Td ( o 18%. Po vce ne m)Tj /R571 10.9942 Tf 98.6198 0 Td (")Tj /R488 10.9942 Tf 4.88016 0 Td (sci za)Tj /R571 10.9942 Tf 27.7748 0 Td (!)Tj /R488 10.9942 Tf 4.88016 0 Td (naj )Tj -351.421 -13.793 Td (bt dopady znt na hospod)Tj /R571 10.9942 Tf 122.739 0 Td ()Tj /R488 10.9942 Tf 3.66094 0 Td (stv eurozny, protoe slab euro umo)Tj /R571 10.9942 Tf 175.252 0 Td ( )Tj /R488 10.9942 Tf 5.49703 0 Td (uje firmm )Tj -307.149 -13.793 Td (konkurenceschopn)Tj /R571 10.9942 Tf 82.4297 0 Td (")Tj /R488 10.9942 Tf 4.87875 0 Td (ji ocenit sv vrobky a sluby, zatmco snen cen dluhopis)Tj /R571 10.9942 Tf 264.408 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td ( )Tj -357.213 -13.792 Td (umo)Tj /R571 10.9942 Tf 24.4247 0 Td ( )Tj /R488 10.9942 Tf 5.4975 0 Td (uje investor)Tj /R571 10.9942 Tf 51.5995 0 Td (#)Tj /R488 10.9942 Tf 5.49656 0 Td (m zskat lep podmnky pro p)Tj /R571 10.9942 Tf 133.444 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td (j)Tj /R571 10.9942 Tf 3.05484 0 Td (!)Tj /R488 10.9942 Tf 4.88016 0 Td (ky. Akciov trh stoupl od 22. )Tj -233.895 -13.793 Td (Ledna tm)Tj /R571 10.9942 Tf 46.7039 0 Td [(")0.15389()333]TJ /R488 10.9942 Tf 8.54062 0 Td ( o 15% \(Euro Stoxx 600\), zatmco p)Tj /R571 10.9942 Tf 158.777 0 Td (")Tj /R488 10.9942 Tf 4.87922 0 Td (tilet euro dluhopisy ztratily 23 zb )Tj -218.901 -13.793 Td (a v sou)Tj /R571 10.9942 Tf 31.1466 0 Td (!)Tj /R488 10.9942 Tf 4.87922 0 Td (asnosti se dostvaj do zpornch hodnot, 17. dubna to bylo kolem -0,16%. )Tj -36.0258 -13.792 Td (Na nrodnch rovnch se n)Tj /R571 10.9942 Tf 121.51 0 Td (")Tj /R488 10.9942 Tf 4.87922 0 Td (meck p)Tj /R571 10.9942 Tf 36.9337 0 Td (")Tj /R488 10.9942 Tf 4.87922 0 Td (tilet dluhopisy pohybuj kolem -0,16%, )Tj -168.202 -13.793 Td (francouzsk skoro na 0 \(-0,01%\), zatmco )Tj /R571 10.9942 Tf 186.831 0 Td ()Tj /R488 10.9942 Tf 3.66094 0 Td (eck p)Tj /R571 10.9942 Tf 28.3819 0 Td (")Tj /R488 10.9942 Tf 4.88109 0 Td (tilet dluhopisy jsou na 18,62%, )Tj -223.755 -13.793 Td (co je rove)Tj /R571 10.9942 Tf 53.7206 0 Td ( )Tj /R488 10.9942 Tf 5.49656 0 Td (, kter se naposledy objevila v roce 2011. )Tj /R569 9.99469 Tf 0 1 -1 -0 357.443 48.4927 Tm [( )260]TJ /R533 10.9942 Tf 0 1 -1 -0 371.162 34.35 Tm (Mraky na obzoru )Tj /R488 10.9942 Tf 13.792 TL (P)' /R571 10.9942 Tf 6.11484 0 Td ()Tj /R488 10.9942 Tf 3.66094 0 Td (edstavitel)Tj /R571 10.9942 Tf 42.1294 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td (m EU d)Tj /R571 10.9942 Tf 34.2014 0 Td (")Tj /R488 10.9942 Tf 4.87969 0 Td (l ale t)Tj /R571 10.9942 Tf 29.3002 0 Td (")Tj /R488 10.9942 Tf 4.87922 0 Td (kou hlavu situace )Tj /R571 10.9942 Tf 84.5658 0 Td ($)Tj /R488 10.9942 Tf 7.33312 0 Td (ecka. Standard & Poor snili )Tj -222.562 -13.793 Td (rating )Tj /R571 10.9942 Tf 28.3927 0 Td ($)Tj /R488 10.9942 Tf 7.33312 0 Td (ecka z B- na CCC + s negativnm vhledem. Ratingov agentura dodala, e )Tj -35.7258 -13.793 Td (hospod)Tj /R571 10.9942 Tf 36.6436 0 Td ()Tj /R488 10.9942 Tf 3.66094 0 Td (sk vhled vypad velice nejist)Tj /R571 10.9942 Tf 138.002 0 Td (")Tj /R488 10.9942 Tf 4.87922 0 Td ( a )Tj /R571 10.9942 Tf 10.3777 0 Td ($)Tj /R488 10.9942 Tf 7.33219 0 Td (ecko pot)Tj /R571 10.9942 Tf 37.5511 0 Td ()Tj /R488 10.9942 Tf 3.66094 0 Td (ebuje hlub ekonomick )Tj -242.107 -13.793 Td (reformy, navc se )Tj /R571 10.9942 Tf 79.3697 0 Td ()Tj /R488 10.9942 Tf 3.66094 0 Td (k, e )Tj /R571 10.9942 Tf 31.4367 0 Td ($)Tj /R488 10.9942 Tf 7.33312 0 Td (ecko podalo o odloen dal spltky MMF. )Tj /R571 10.9942 Tf 203.965 0 Td ($)Tj /R488 10.9942 Tf 7.33312 0 Td (eck )Tj -333.098 -13.792 Td (p)Tj /R571 10.9942 Tf 5.49703 0 Td (")Tj /R488 10.9942 Tf 4.87922 0 Td (tilet dluhopisy poslednch osm m)Tj /R571 10.9942 Tf 150.853 0 Td (")Tj /R488 10.9942 Tf 4.88016 0 Td (sc)Tj /R571 10.9942 Tf 12.2128 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td ( posilovaly, protoe investo)Tj /R571 10.9942 Tf 121.526 0 Td ()Tj /R488 10.9942 Tf 3.66141 0 Td (i vnmali )Tj -309.007 -13.793 Td (monost, e )Tj /R571 10.9942 Tf 55.2605 0 Td ()Tj /R488 10.9942 Tf 3.66094 0 Td (eck vlda podmnky nedodr, zatmco N)Tj /R571 10.9942 Tf 186.224 0 Td (")Tj /R488 10.9942 Tf 4.88109 0 Td (mci li opa)Tj /R571 10.9942 Tf 48.2437 0 Td (!)Tj /R488 10.9942 Tf 4.87922 0 Td (nou cestou do )Tj -303.15 -13.793 Td (zpornch hodnot. Italsk a pan)Tj /R571 10.9942 Tf 144.405 0 Td (")Tj /R488 10.9942 Tf 4.88016 0 Td (lsk p)Tj /R571 10.9942 Tf 25.9547 0 Td (")Tj /R488 10.9942 Tf 4.88016 0 Td (tilet dluhopisy maj tak vy sazby, )Tj -180.12 -13.792 Td (protoe investo)Tj /R571 10.9942 Tf 67.4733 0 Td ()Tj /R488 10.9942 Tf 3.66141 0 Td (i hledaj jistotu. P)Tj /R571 10.9942 Tf 77.5706 0 Td ()Tj /R488 10.9942 Tf 3.66094 0 Td (ekvapiv)Tj /R571 10.9942 Tf 34.8033 0 Td (")Tj /R488 10.9942 Tf 4.87875 0 Td ( ale trh dopad )Tj /R571 10.9942 Tf 62.8889 0 Td ()Tj /R488 10.9942 Tf 3.66141 0 Td (eckho odchodu )Tj -258.599 -13.793 Td (nep)Tj /R571 10.9942 Tf 15.8737 0 Td ()Tj /R488 10.9942 Tf 3.66094 0 Td (ikld N)Tj /R571 10.9942 Tf 37.5511 0 Td (")Tj /R488 10.9942 Tf 4.88016 0 Td (mecku, kter poskytlo )Tj /R571 10.9942 Tf 100.143 0 Td ($)Tj /R488 10.9942 Tf 7.33312 0 Td (ecku 92 miliard euro \(3,2% HDP\). )Tj -169.442 -13.793 Td ( )Tj ET Q Q q 0 2.91016 4958 7012.02 re W n 0 0 0 0.284424 k 4629.36 286.223 m 4460.32 286.223 l 4580.25 286.223 l 4580.25 6731.59 l 4460.32 6731.59 l 4629.36 6731.59 l 4509.41 6731.59 l 4509.41 286.223 l 4629.36 286.223 l f 0 0.443359 0.626953 0 k 4700.18 286.223 m 4483.92 286.223 l 4603.86 286.223 l 4603.86 6731.59 l 4483.92 6731.59 l 4700.18 6731.59 l 4580.25 6731.59 l 4580.25 286.223 l 4700.18 286.223 l f 0 0 0 0.467773 k 826.336 2340.25 236.09 4391.37 re f Q q 844.043 2458.3 218.383 4155.27 re W n 0 0 0 0 k q 8.33333 0 0 8.33333 0 0 cm BT /R576 17.9904 Tf 0 1 -1 -0 119.632 294.996 Tm (M)Tj /R577 17.9904 Tf 16.6589 0 Td ()Tj /R576 17.9904 Tf 10.4888 0 Td ( e!)Tj /R577 17.9904 Tf 24.323 0 Td ( )Tj /R576 17.9904 Tf 10.6683 0 Td (ecko!pokazit!ve)Tj /R577 17.9904 Tf 131.924 0 Td (!)Tj /R576 17.9904 Tf 8.11406 0 Td ("rek?)Tj ET Q Q q 0 2.91016 4958 7012.02 re W n 0 0 0 0.284424 k 826.336 286.25 236.09 2054 re f Q q 844.043 404.297 218.383 1817.91 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R576 17.9904 Tf 0 1 -1 -0 118.886 48.5156 Tm (FX!trhy)Tj ET Q Q q 1180.48 3667.44 1534.61 2752.16 re W n q 0 2753.2 -1536.2 -0 2716.1 3666.9 cm /R588 Do Q Q q 2856.75 3667.44 1534.61 2752.16 re W n q 0 2753.2 -1536.2 -0 4392.1 3666.9 cm /R589 Do Q Q q 1180.48 3567.95 3210.89 3045.6 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R569 9.99469 Tf 0 1 -1 -0 151.153 442.32 Tm [( )260.001]TJ 13.9917 TL T*[( )260.001]TJ 13.9931 TL T*[( )260.001]TJ 13.9917 TL ( )' ET Q Q q 283.34 286.223 234.418 1062.43 re W n q 0 1063.2 -235.2 -0 518.1 285.9 cm /R201 Do Q Q q 436.801 4748.42 153.461 1983.2 re W n 0 0 0 0.284424 k q 8.33333 0 0 8.33333 0 0 cm BT /R590 13.9926 Tf 0 1 -1 -0 66.9234 671.324 Tm (20. - 26. dubna 2015)Tj ET Q Q q 283.367 2009.7 153.457 4721.89 re W n 0.578125 0.580078 0.583984 0.31958 k q 8.33333 0 0 8.33333 0 0 cm BT /R590 17.9904 Tf 0 1 -1 -0 49.2188 593.919 Tm (T!DENN" V!HLED TRHU)Tj ET Q Q Q endstream endobj 563 0 obj 10939 endobj 595 0 obj <> stream q 0.12 0 0 0.12 0 0 cm /R9 gs q 0 2.91016 4958 7012.02 re W n 4.16446 w 2 J 0.578125 0.580078 0.583984 0.31958 K 826.336 286.223 m 826.336 6731.59 l S Q q 4728.85 6006.68 127.758 741.594 re W n 0.578125 0.580078 0.583984 0.31958 k q 8.33333 0 0 8.33333 0 0 cm BT /R597 6.99628 Tf 0 1 -1 -0 576.934 777.192 Tm (Page )Tj /R599 6.99628 Tf 17.6302 0 Td (6)Tj /R600 6.99628 Tf 3.88969 0 Td ( | )Tj /R599 6.99628 Tf 5.19188 0 Td (8)Tj ET Q Q q 0 2.91016 4958 7012.02 re W n 4.16446 w 0 0 0 0.467773 K 4696.21 791.141 m 4852.65 791.141 l S Q q 4681.62 269.566 185.602 538.23 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R600 5.99681 Tf 0 1 -1 -0 569.832 34.3467 Tm (Swissquote Bank SA )Tj 7.99594 TL (Tel +41 22 999 94 11)' ET Q Q q 0 2.91016 4958 7012.02 re W n 4.16446 w 0 0 0 0.467773 K 4696.21 1493.87 m 4852.65 1493.87 l S Q q 4681.62 774.48 185.602 736.047 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R600 5.99681 Tf 0 1 -1 -0 569.832 98.535 Tm (Ch. de la Cr!taux 33, CP 319 )Tj 7.99594 TL (Fax +41 22 999 94 12)' ET Q Q q 0 2.91016 4958 7012.02 re W n 4.16446 w 0 0 0 0.467773 K 4696.21 2215.38 m 4852.65 2215.38 l S Q q 4681.62 1477.21 185.602 754.824 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R600 5.99681 Tf 0 1 -1 -0 569.832 182.864 Tm (CH-1196 Gland )Tj 7.99594 TL (forex.analysis@swissquote.ch)' ET Q Q q 4681.62 2198.72 185.602 642.336 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R600 5.99681 Tf 0 1 -1 -0 569.832 269.445 Tm (Switzerland )Tj 7.99594 TL (www.swissquote.com/fx)' ET Q Q q 1180.48 286.25 3210.89 3092.82 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R484 10.9942 Tf 0 1 -1 -0 150.279 34.35 Tm [(BoC se p!es ok z cen ropy dv k r)0.0652866(")-0.0786104(stu )]TJ /R488 10.9942 Tf 13.793 TL (Kanadsk banka nechala podle o)' /R601 10.9942 Tf 144.083 0 Td ()Tj /R488 10.9942 Tf 4.87922 0 Td (ekvn sazbu na vid)Tj /R601 10.9942 Tf 91.8876 0 Td ( )Tj /R488 10.9942 Tf 4.88109 0 Td (nou nezm)Tj /R601 10.9942 Tf 43.0481 0 Td ( )Tj /R488 10.9942 Tf 4.87875 0 Td (n)Tj /R601 10.9942 Tf 5.49797 0 Td ( )Tj /R488 10.9942 Tf 4.87922 0 Td (nou na 0,75%. )Tj -304.035 -13.793 Td (Centrln banka ale upravila vhled domcho r)Tj /R601 10.9942 Tf 209.425 0 Td (!)Tj /R488 10.9942 Tf 5.49703 0 Td (stu po oku z dopadu cen ropy. )Tj -214.922 -13.792 Td (BoC nyn o)Tj /R601 10.9942 Tf 50.7028 0 Td ()Tj /R488 10.9942 Tf 4.87969 0 Td (ekv dop)Tj /R601 10.9942 Tf 44.873 0 Td (")Tj /R488 10.9942 Tf 3.66094 0 Td (edn)Tj /R601 10.9942 Tf 15.8752 0 Td ( )Tj /R488 10.9942 Tf 4.87875 0 Td (j efekt ne v lednu, ale nikoli o mnoho vy. )Tj -124.87 -13.793 Td (Vsledek t)Tj /R601 10.9942 Tf 47.3269 0 Td ( )Tj /R488 10.9942 Tf 4.87922 0 Td (chto negativnch dopad)Tj /R601 10.9942 Tf 102.581 0 Td (!)Tj /R488 10.9942 Tf 5.49703 0 Td ( na r)Tj /R601 10.9942 Tf 19.5361 0 Td (!)Tj /R488 10.9942 Tf 5.49703 0 Td (st by se m)Tj /R601 10.9942 Tf 44.2819 0 Td ( )Tj /R488 10.9942 Tf 4.88016 0 Td (l projevit v druh polovin)Tj /R601 10.9942 Tf 112.368 0 Td ( )Tj /R488 10.9942 Tf 4.88016 0 Td ( )Tj -351.727 -13.793 Td (roku. Nsledn)Tj /R601 10.9942 Tf 61.6753 0 Td ( )Tj /R488 10.9942 Tf 4.88016 0 Td ( byl r)Tj /R601 10.9942 Tf 23.2069 0 Td (!)Tj /R488 10.9942 Tf 5.49703 0 Td (st v prvnm )Tj /R601 10.9942 Tf 52.8342 0 Td ()Tj /R488 10.9942 Tf 4.87969 0 Td (tvrtlet snen, ale vhled dalho r)Tj /R601 10.9942 Tf 152.044 0 Td (!)Tj /R488 10.9942 Tf 5.49703 0 Td (stu zven. )Tj -310.515 -13.792 Td (D)Tj /R601 10.9942 Tf 7.93969 0 Td (!)Tj /R488 10.9942 Tf 5.49703 0 Td (leit)Tj /R601 10.9942 Tf 18.923 0 Td ( )Tj /R488 10.9942 Tf 4.87922 0 Td (j je, e upraven byl i vhled inflace za)Tj /R601 10.9942 Tf 180.417 0 Td ()Tj /R488 10.9942 Tf 4.87875 0 Td (najc od druhho )Tj /R601 10.9942 Tf 82.7409 0 Td ()Tj /R488 10.9942 Tf 4.88016 0 Td (tvrtlet. )Tj -310.155 -13.793 Td (Celkov)Tj /R601 10.9942 Tf 31.7578 0 Td ( )Tj /R488 10.9942 Tf 4.88062 0 Td ( je BoC spokojen se sou)Tj /R601 10.9942 Tf 110.848 0 Td ()Tj /R488 10.9942 Tf 4.87969 0 Td (asnou monetrn politikou i p)Tj /R601 10.9942 Tf 129.472 0 Td (")Tj /R488 10.9942 Tf 3.66094 0 Td (es krtkodob )Tj -285.499 -13.793 Td (negativn dopad cen ropy a banka o)Tj /R601 10.9942 Tf 156.307 0 Td ()Tj /R488 10.9942 Tf 4.87969 0 Td (ekv ve druh polovin)Tj /R601 10.9942 Tf 102.882 0 Td ( )Tj /R488 10.9942 Tf 4.88109 0 Td ( roku pozitivn )Tj -268.95 -13.792 Td (ekonomick p)Tj /R601 10.9942 Tf 61.9758 0 Td (")Tj /R488 10.9942 Tf 3.66141 0 Td (ekvapen. Vzhledem k souvislosti s ohroenm finan)Tj /R601 10.9942 Tf 230.523 0 Td ()Tj /R488 10.9942 Tf 4.87875 0 Td (n stability )Tj -301.039 -13.793 Td (spojen se zadluenm domcnost je pravd)Tj /R601 10.9942 Tf 190.808 0 Td ( )Tj /R488 10.9942 Tf 4.87922 0 Td (podobnost dalho uvol)Tj /R601 10.9942 Tf 102.615 0 Td (#)Tj /R488 10.9942 Tf 5.49703 0 Td (ovn tento rok )Tj -303.799 -13.793 Td (nzk. )Tj /R484 10.9942 Tf 13.792 TL T*[(USD/CAD prolomil kl#)0.0479657(ov support na 1,2352 )]TJ /R488 10.9942 Tf 13.793 TL (P)' /R601 10.9942 Tf 6.11484 0 Td (")Tj /R488 10.9942 Tf 3.66094 0 Td (i pohledu na chovn cen potvrdilo prolomen kl)Tj /R601 10.9942 Tf 215.256 0 Td ()Tj /R488 10.9942 Tf 4.87922 0 Td (ovho supportu na 1,2352 )Tj -229.911 -13.793 Td (n)Tj /R601 10.9942 Tf 5.49703 0 Td ( )Tj /R488 10.9942 Tf 4.87922 0 Td (kolikam)Tj /R601 10.9942 Tf 36.0319 0 Td ( )Tj /R488 10.9942 Tf 4.87969 0 Td [(s)-0.158553()278]TJ /R601 10.9942 Tf 7.33312 0 Td ()Tj /R488 10.9942 Tf 4.88016 0 Td (n medv)Tj /R601 10.9942 Tf 35.7253 0 Td ( )Tj /R488 10.9942 Tf 4.88016 0 Td (d reverzn formaci. Technick konfigurace potvrzuje pro )Tj -104.107 -13.792 Td (USD/CAD st)Tj /R601 10.9942 Tf 58.342 0 Td (")Tj /R488 10.9942 Tf 3.66094 0 Td (edn)Tj /R601 10.9942 Tf 15.8737 0 Td ( )Tj /R488 10.9942 Tf 4.87969 0 Td (dobou fzi oslaben. Mon riziko poklesu po p)Tj /R601 10.9942 Tf 209.453 0 Td (")Tj /R488 10.9942 Tf 3.66094 0 Td (edel )Tj -295.87 -13.793 Td (distribu)Tj /R601 10.9942 Tf 33.5939 0 Td ()Tj /R488 10.9942 Tf 4.88062 0 Td (n fzi je dan hodnotou 1,1905, kter je pobl 38,2% retracementu ze )Tj -38.4745 -13.793 Td (vzestupu, jen za)Tj /R601 10.9942 Tf 75.3966 0 Td ()Tj /R488 10.9942 Tf 4.88016 0 Td (al v )Tj /R601 10.9942 Tf 18.9286 0 Td ()Tj /R488 10.9942 Tf 4.87922 0 Td (ervenci 2014. Dal kl)Tj /R601 10.9942 Tf 100.145 0 Td ()Tj /R488 10.9942 Tf 4.87922 0 Td (ov support se nachz na 1,1731 )Tj -209.108 -13.792 Td (\(min 6. 1. 2015, viz tak 50% retracement\). )Tj (P)' /R601 10.9942 Tf 6.11484 0 Td (")Tj /R488 10.9942 Tf 3.66094 0 Td (evaujc trend americkho dolaru je pozitivn a to se z)Tj /R601 10.9942 Tf 240.856 0 Td (")Tj /R488 10.9942 Tf 3.66141 0 Td (ejm)Tj /R601 10.9942 Tf 16.4859 0 Td ( )Tj /R488 10.9942 Tf 4.87969 0 Td ( projev i na )Tj -275.659 -13.793 Td (kanadskm dolaru, kter m)Tj /R601 10.9942 Tf 119.679 0 Td (!)Tj /R488 10.9942 Tf 5.49703 0 Td (e bt proti jinm m)Tj /R601 10.9942 Tf 89.7731 0 Td ( )Tj /R488 10.9942 Tf 4.87969 0 Td (nm atraktivn)Tj /R601 10.9942 Tf 60.7523 0 Td ( )Tj /R488 10.9942 Tf 4.87969 0 Td (j. Z tohoto )Tj -285.461 -13.792 Td (pohledu by EUR/CAD m)Tj /R601 10.9942 Tf 111.465 0 Td ( )Tj /R488 10.9942 Tf 4.88109 0 Td (l pokra)Tj /R601 10.9942 Tf 30.8339 0 Td ()Tj /R488 10.9942 Tf 4.88109 0 Td (ovat k poklesu k minimu z roku 2012, zatmco )Tj -152.062 -13.793 Td (kl)Tj /R601 10.9942 Tf 11.6058 0 Td ()Tj /R488 10.9942 Tf 4.88016 0 Td (ov rezistence se nachz na 1,3766 \(min 27. 3. 2015\). CAD/SEK vypad tak )Tj -16.4859 -13.793 Td (zajmav)Tj /R601 10.9942 Tf 34.7962 0 Td ( )Tj /R488 10.9942 Tf 4.88062 0 Td (, protoe se o)Tj /R601 10.9942 Tf 58.6158 0 Td ()Tj /R488 10.9942 Tf 4.87969 0 Td (ekv, e ceny prolom rezistenci na 7,1966 \(max 19. 8. )Tj -103.172 -13.792 Td (2010\) a budou pokra)Tj /R601 10.9942 Tf 91.2923 0 Td ()Tj /R488 10.9942 Tf 4.87922 0 Td (ovat dl k maximu z roku 2010 na 7,7249. Support se nachz )Tj -96.1716 -13.793 Td (na 6,7378 \(min 18. 3. 2015\). )Tj ( )' ET Q Q q 0 2.91016 4958 7012.02 re W n 0 0 0 0.284424 k 4629.36 286.223 m 4460.32 286.223 l 4580.25 286.223 l 4580.25 6731.59 l 4460.32 6731.59 l 4629.36 6731.59 l 4509.41 6731.59 l 4509.41 286.223 l 4629.36 286.223 l f 0 0.443359 0.626953 0 k 4700.18 286.223 m 4483.92 286.223 l 4603.86 286.223 l 4603.86 6731.59 l 4483.92 6731.59 l 4700.18 6731.59 l 4580.25 6731.59 l 4580.25 286.223 l 4700.18 286.223 l f 0 0 0 0.467773 k 826.336 2340.25 236.09 4391.37 re f Q q 844.043 2458.3 218.383 4155.27 re W n 0 0 0 0 k q 8.33333 0 0 8.33333 0 0 cm BT /R609 17.9904 Tf 0 1 -1 -0 118.886 294.996 Tm (CAD z)Tj /R306 17.9904 Tf 52.9636 0 Td ()Tj /R609 17.9904 Tf 6.83625 0 Td (ejm)Tj /R306 17.9904 Tf 30.6558 0 Td ( )Tj /R609 17.9904 Tf 9.49922 0 Td ( za!"v# st)Tj /R306 17.9904 Tf 76.3148 0 Td ()Tj /R609 17.9904 Tf 6.83719 0 Td (edn)Tj /R306 17.9904 Tf 31.9866 0 Td ( )Tj /R609 17.9904 Tf 9.49922 0 Td (dob$ pos"len")Tj ET Q Q q 0 2.91016 4958 7012.02 re W n 0 0 0 0.284424 k 826.336 286.25 236.09 2054 re f Q q 844.043 404.297 218.383 1817.91 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R609 17.9904 Tf 0 1 -1 -0 118.886 48.5156 Tm (FX trhy)Tj ET Q Q q 1180.48 3662.36 1534.61 2762.31 re W n q 0 2763.2 -1536.2 -0 2716.1 3661.9 cm /R612 Do Q Q q 2856.75 3662.36 1534.61 2762.31 re W n q 0 2763.2 -1536.2 -0 4392.1 3661.9 cm /R613 Do Q Q q 283.34 286.223 234.418 1062.43 re W n q 0 1063.2 -235.2 -0 518.1 285.9 cm /R201 Do Q Q q 436.801 4748.42 153.461 1983.2 re W n 0 0 0 0.284424 k q 8.33333 0 0 8.33333 0 0 cm BT /R614 13.9926 Tf 0 1 -1 -0 66.9234 671.324 Tm (20. - 26. dubna 2015)Tj ET Q Q q 283.367 2009.7 153.457 4721.89 re W n 0.578125 0.580078 0.583984 0.31958 k q 8.33333 0 0 8.33333 0 0 cm BT /R614 17.9904 Tf 0 1 -1 -0 49.2188 593.919 Tm (T!DENN" V!HLED TRHU)Tj ET Q Q Q endstream endobj 596 0 obj 9759 endobj 619 0 obj <> stream q 0.12 0 0 0.12 0 0 cm /R9 gs q 0 2.91016 4958 7012.02 re W n 4.16446 w 2 J 0.578125 0.580078 0.583984 0.31958 K 826.336 286.223 m 826.336 6731.59 l S Q q 4728.85 6006.68 127.758 741.594 re W n 0.578125 0.580078 0.583984 0.31958 k q 8.33333 0 0 8.33333 0 0 cm BT /R621 6.99628 Tf 0 1 -1 -0 576.934 777.192 Tm (Page )Tj /R625 6.99628 Tf 17.6302 0 Td (7)Tj /R626 6.99628 Tf 3.88969 0 Td ( | )Tj /R625 6.99628 Tf 5.19188 0 Td (8)Tj ET Q Q q 0 2.91016 4958 7012.02 re W n 4.16446 w 0 0 0 0.467773 K 4696.21 791.141 m 4852.65 791.141 l S Q q 4681.62 269.566 185.602 538.23 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R626 5.99681 Tf 0 1 -1 -0 569.832 34.3467 Tm (Swissquote Bank SA )Tj 7.99594 TL (Tel +41 22 999 94 11)' ET Q Q q 0 2.91016 4958 7012.02 re W n 4.16446 w 0 0 0 0.467773 K 4696.21 1493.87 m 4852.65 1493.87 l S Q q 4681.62 774.48 185.602 736.047 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R626 5.99681 Tf 0 1 -1 -0 569.832 98.535 Tm (Ch. de la Cr!taux 33, CP 319 )Tj 7.99594 TL (Fax +41 22 999 94 12)' ET Q Q q 0 2.91016 4958 7012.02 re W n 4.16446 w 0 0 0 0.467773 K 4696.21 2215.38 m 4852.65 2215.38 l S Q q 4681.62 1477.21 185.602 754.824 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R626 5.99681 Tf 0 1 -1 -0 569.832 182.864 Tm (CH-1196 Gland )Tj 7.99594 TL (forex.analysis@swissquote.ch)' ET Q Q q 4681.62 2198.72 185.602 642.336 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R626 5.99681 Tf 0 1 -1 -0 569.832 269.445 Tm (Switzerland )Tj 7.99594 TL (www.swissquote.com/fx)' ET Q Q q 1180.48 286.25 3210.89 3092.82 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R627 9.99469 Tf 0 1 -1 -0 151.587 48.4927 Tm [(Nekomer)0.077678()-0.093067(n )-215.282(zobrazen )-215.455(Mezinrodnho )-215.322(mnovho )-215.359(trhu )-215.429(\(IMM\) )-215.35(je )]TJ 11.9944 TL T*[(pouit )-394.29(na )-394.207(vizualizaci )-394.342(toku )-394.31(penz)0.121647( )-394.376(od )-394.273(jedn )-394.244(m)-0.0967311(ny )-394.176(ke )-394.384(druh. )]TJ T*[(Obvykle )-650.816(je )-650.639(vnmno )-650.849(jako )-650.868(opa)0.0952655(n )-650.858(indiktor, )-650.789(pokud )-650.757(pozice )]TJ 11.993 TL (doshnou krajn meze. )' /R626 9.99469 Tf 13.5581 TL T*[( )260]TJ /R629 9.99469 Tf 14.4267 TL T*[(Data IMM zachycuj pozice investor v tdnu kon)0.102594()-0.11725(cm 7. dubnem 2015. )]TJ /R626 9.99469 Tf 13.5581 TL T*[( )260]TJ /R488 10.9942 Tf 0 1 -1 -0 242.83 34.35 Tm [(Z)0.16255(m)778]TJ /R631 10.9942 Tf 15.2667 0 Td ()Tj /R488 10.9942 Tf 4.88062 0 Td (ny ve forexovch pozicch nebyly nijak vznamn. Jedinou vjimkou je )Tj -20.1473 -13.793 Td (zven celkovch krtkch pozic AUD. Vzhledem k rozhodnut Australsk )Tj 13.792 TL (rezervn banky ze 7. dubna nechat sazby nezm)' /R631 10.9942 Tf 204.519 0 Td ()Tj /R488 10.9942 Tf 4.87922 0 Td (n)Tj /R631 10.9942 Tf 5.49703 0 Td ()Tj /R488 10.9942 Tf 4.88062 0 Td (n je pravd)Tj /R631 10.9942 Tf 48.84 0 Td ()Tj /R488 10.9942 Tf 4.87922 0 Td (podobn, e medv)Tj /R631 10.9942 Tf 80.2931 0 Td ()Tj /R488 10.9942 Tf 4.87969 0 Td (d )Tj -358.668 -13.793 Td [(s)-0.158553(m)778]TJ /R631 10.9942 Tf 12.8302 0 Td ()Tj /R488 10.9942 Tf 4.87922 0 Td (r krtkodob)Tj /R631 10.9942 Tf 50.9883 0 Td ()Tj /R488 10.9942 Tf 4.87875 0 Td ( jet)Tj /R631 10.9942 Tf 18.0169 0 Td ()Tj /R488 10.9942 Tf 4.87922 0 Td ( poklesne. Nicmn)Tj /R631 10.9942 Tf 82.1287 0 Td ()Tj /R488 10.9942 Tf 4.88016 0 Td (, jak jsme vysv)Tj /R631 10.9942 Tf 65.9592 0 Td ()Tj /R488 10.9942 Tf 4.87969 0 Td (tlili v posledn analze, )Tj -254.32 -13.793 Td (medv)Tj /R631 10.9942 Tf 24.4247 0 Td ()Tj /R488 10.9942 Tf 4.88062 0 Td (d pozice AUD/USD vypadaj vzhledem ke kv)Tj /R631 10.9942 Tf 204.562 0 Td ()Tj /R488 10.9942 Tf 4.88016 0 Td (tnovmu snen atraktivn)Tj /R631 10.9942 Tf 114.188 0 Td ()Tj /R488 10.9942 Tf 4.87875 0 Td (. )Tj /R626 9.99469 Tf 0 1 -1 -0 312.067 48.4927 Tm [( )260]TJ 13.9927 TL T*[( )260]TJ /R488 10.9942 Tf 0 1 -1 -0 339.779 34.35 Tm (Pokud se t)Tj /R631 10.9942 Tf 51.3098 0 Td ( )Tj /R488 10.9942 Tf 4.87922 0 Td (e ostatnch m)Tj /R631 10.9942 Tf 58.6214 0 Td ()Tj /R488 10.9942 Tf 4.88016 0 Td (n, souhrnn krtk pozice EUR se mrn)Tj /R631 10.9942 Tf 173.11 0 Td ()Tj /R488 10.9942 Tf 4.87875 0 Td ( zmenily, ale )Tj -297.679 -13.7916 Td (z)Tj /R631 10.9942 Tf 4.87922 0 Td (!)Tj /R488 10.9942 Tf 5.49703 0 Td (stvaj pobl rekordnch hodnot z roku 2012. Na druhou stranu krtk pozice )Tj -10.3762 -13.7934 Td (JPY se mrn)Tj /R631 10.9942 Tf 53.7525 0 Td ()Tj /R488 10.9942 Tf 4.87922 0 Td ( snily. Vzhledem k mrnmu postoji Japonsk banky by se 8. dubna )Tj -58.6317 -13.793 Td (mohlo objevit dal snen celkovch pozic JPY. Tm pdem by mohly bt dlouh )Tj 13.7916 TL (pozice USD/JPY postupn)' /R631 10.9942 Tf 112.385 0 Td ()Tj /R488 10.9942 Tf 4.87875 0 Td ( atraktivn)Tj /R631 10.9942 Tf 41.8242 0 Td ()Tj /R488 10.9942 Tf 4.87969 0 Td (j s blc se druhou polovinou roku \(protoe )Tj -163.967 -13.7934 Td (se o)Tj /R631 10.9942 Tf 17.4037 0 Td ( )Tj /R488 10.9942 Tf 4.87922 0 Td (ekv, e BoJ se bude minimln)Tj /R631 10.9942 Tf 141.662 0 Td ()Tj /R488 10.9942 Tf 4.88109 0 Td ( do )Tj /R631 10.9942 Tf 16.4911 0 Td ( )Tj /R488 10.9942 Tf 4.87875 0 Td (ervna chovat zdrenliv)Tj /R631 10.9942 Tf 100.118 0 Td ()Tj /R488 10.9942 Tf 4.88016 0 Td (\). )Tj -295.194 -13.793 Td [( )250]TJ ( )' ET Q Q q 0 2.91016 4958 7012.02 re W n 0 0 0 0.284424 k 4629.36 286.223 m 4460.32 286.223 l 4580.25 286.223 l 4580.25 6731.59 l 4460.32 6731.59 l 4629.36 6731.59 l 4509.41 6731.59 l 4509.41 286.223 l 4629.36 286.223 l f 0 0.443359 0.626953 0 k 4700.18 286.223 m 4483.92 286.223 l 4603.86 286.223 l 4603.86 6731.59 l 4483.92 6731.59 l 4700.18 6731.59 l 4580.25 6731.59 l 4580.25 286.223 l 4700.18 286.223 l f 0 0 0 0.467773 k 826.336 2340.25 236.09 4391.37 re f Q q 844.043 2458.3 218.383 4155.27 re W n 0 0 0 0 k q 8.33333 0 0 8.33333 0 0 cm BT /R637 17.9904 Tf 0 1 -1 -0 118.886 294.996 Tm (Mrn snen celkovch dlouhch pozic USD)Tj ET Q Q q 0 2.91016 4958 7012.02 re W n 0 0 0 0.284424 k 826.336 286.25 236.09 2054 re f Q q 844.043 404.297 218.383 1817.91 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R637 17.9904 Tf 0 1 -1 -0 118.886 48.5156 Tm (FX trhy)Tj ET Q Q q 1180.48 3662.36 1534.61 2762.31 re W n q 0 2763.2 -1536.2 -0 2716.1 3661.9 cm /R638 Do Q Q q 2856.75 3662.36 1534.61 2762.31 re W n q 0 2763.2 -1536.2 -0 4392.1 3661.9 cm /R639 Do Q Q q 283.34 286.223 234.418 1062.43 re W n q 0 1063.2 -235.2 -0 518.1 285.9 cm /R201 Do Q Q q 436.801 4748.42 153.461 1983.2 re W n 0 0 0 0.284424 k q 8.33333 0 0 8.33333 0 0 cm BT /R640 13.9926 Tf 0 1 -1 -0 66.9234 671.324 Tm (20. - 26. dubna 2015)Tj ET Q Q q 283.367 2009.7 153.457 4721.89 re W n 0.578125 0.580078 0.583984 0.31958 k q 8.33333 0 0 8.33333 0 0 cm BT /R640 17.9904 Tf 0 1 -1 -0 49.2188 593.919 Tm (T!DENN" V!HLED TRHU)Tj ET Q Q Q endstream endobj 620 0 obj 6854 endobj 645 0 obj <> stream q 0.12 0 0 0.12 0 0 cm /R9 gs q 0 2.91016 4958 7012.02 re W n 4.16446 w 2 J 0.578125 0.580078 0.583984 0.31958 K 826.336 286.223 m 826.336 6731.59 l S Q q 4728.85 6006.68 127.758 741.594 re W n 0.578125 0.580078 0.583984 0.31958 k q 8.33333 0 0 8.33333 0 0 cm BT /R647 6.99628 Tf 0 1 -1 -0 576.934 777.192 Tm (Page )Tj /R648 6.99628 Tf 17.6302 0 Td (8)Tj /R649 6.99628 Tf 3.88969 0 Td ( | )Tj /R648 6.99628 Tf 5.19188 0 Td (8)Tj ET Q Q q 0 2.91016 4958 7012.02 re W n 4.16446 w 0 0 0 0.467773 K 4696.21 791.141 m 4852.65 791.141 l S Q q 4681.62 269.566 185.602 538.23 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R649 5.99681 Tf 0 1 -1 -0 569.832 34.3467 Tm (Swissquote Bank SA )Tj 7.99594 TL (Tel +41 22 999 94 11)' ET Q Q q 0 2.91016 4958 7012.02 re W n 4.16446 w 0 0 0 0.467773 K 4696.21 1493.87 m 4852.65 1493.87 l S Q q 4681.62 774.48 185.602 736.047 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R649 5.99681 Tf 0 1 -1 -0 569.832 98.535 Tm (Ch. de la Cr!taux 33, CP 319 )Tj 7.99594 TL (Fax +41 22 999 94 12)' ET Q Q q 0 2.91016 4958 7012.02 re W n 4.16446 w 0 0 0 0.467773 K 4696.21 2215.38 m 4852.65 2215.38 l S Q q 4681.62 1477.21 185.602 754.824 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R649 5.99681 Tf 0 1 -1 -0 569.832 182.864 Tm (CH-1196 Gland )Tj 7.99594 TL (forex.analysis@swissquote.ch)' ET Q Q q 4681.62 2198.72 185.602 642.336 re W n 0 0 0 1 k q 8.33333 0 0 8.33333 0 0 cm BT /R649 5.99681 Tf 0 1 -1 -0 569.832 269.445 Tm (Switzerland )Tj 7.99594 TL (www.swissquote.com/fx)' ET Q Q q 0 2.91016 4958 7012.02 re W n 0 0 0 0.284424 k 4629.36 286.223 m 4460.32 286.223 l 4580.25 286.223 l 4580.25 6731.59 l 4460.32 6731.59 l 4629.36 6731.59 l 4509.41 6731.59 l 4509.41 286.223 l 4629.36 286.223 l f 0 0.443359 0.626953 0 k 4700.18 286.223 m 4483.92 286.223 l 4603.86 286.223 l 4603.86 6731.59 l 4483.92 6731.59 l 4700.18 6731.59 l 4580.25 6731.59 l 4580.25 286.223 l 4700.18 286.223 l f 0.374512 0.292236 0.27832 0.00146484 k 946.273 286.223 m 942.492 286.223 l 1062.43 286.223 l 1062.43 6731.59 l 942.492 6731.59 l 946.273 6731.59 l 826.336 6731.59 l 826.336 286.223 l 946.273 286.223 l f 0 0 0 0.467773 k 826.336 286.223 236.09 6445.39 re f Q q 844.043 404.27 218.383 6209.3 re W n 0 0 0 0 k q 8.33333 0 0 8.33333 0 0 cm BT /R651 17.9904 Tf 0 1 -1 -0 118.886 48.5123 Tm (DISCLAIMER)Tj ET Q Q q 283.34 286.223 234.418 1062.43 re W n q 0 1063.2 -235.2 -0 518.1 285.9 cm /R201 Do Q Q q 436.801 4748.42 153.461 1983.2 re W n 0 0 0 0.284424 k q 8.33333 0 0 8.33333 0 0 cm BT /R652 13.9926 Tf 0 1 -1 -0 66.9234 671.324 Tm (20. - 26. dubna 2015)Tj ET Q Q q 283.367 2009.7 153.457 4721.89 re W n 0.578125 0.580078 0.583984 0.31958 k q 8.33333 0 0 8.33333 0 0 cm BT /R652 17.9904 Tf 0 1 -1 -0 49.2188 593.919 Tm (T!DENN" V!HLED TRHU)Tj ET Q Q q 1392.96 640.371 2833.14 2656.07 re W n 0.578125 0.580078 0.583984 0.31958 k q 8.33333 0 0 8.33333 0 0 cm BT /R649 6.99628 Tf 0 1 -1 -0 172.948 76.8445 Tm (UPOZORN)Tj /R668 6.99628 Tf 33.953 0 Td ()Tj /R649 6.99628 Tf 3.44203 0 Td (N" )Tj -37.395 -8.39578 Td (P)Tj /R668 6.99628 Tf 4.01578 0 Td ( )Tj /R649 6.99628 Tf 2.2875 0 Td (es ve#kerou snahu zajistit, aby citovan! $daje a analyzovan% data, z nich& tento dokument vych%z', )Tj -6.30328 -8.39484 Td (byly spolehliv!, nen' mo&n! garantovat jejich spr%vnost a spole)Tj /R668 6.99628 Tf 194.433 0 Td (!)Tj /R649 6.99628 Tf 3.13406 0 Td (nost Swissquote Bank ani jej' dce)Tj /R668 6.99628 Tf 102.398 0 Td ( )Tj /R649 6.99628 Tf 2.28703 0 Td (in! )Tj -302.252 -8.39625 Td (spole)Tj /R668 6.99628 Tf 16.98 0 Td (!)Tj /R649 6.99628 Tf 3.13406 0 Td (nosti neodpov'daj' za p)Tj /R668 6.99628 Tf 72.2011 0 Td ( )Tj /R649 6.99628 Tf 2.28797 0 Td ('padn! chyby nebo opominut', ani za spr%vnost, celistvost nebo )Tj -94.6031 -8.39484 Td (spolehlivost uv%d)Tj /R668 6.99628 Tf 53.7872 0 Td (")Tj /R649 6.99628 Tf 3.50484 0 Td (n\(ch informac'. Tento dokument nezakl%d% podstatou doporu)Tj /R668 6.99628 Tf 191.991 0 Td (!)Tj /R649 6.99628 Tf 3.135 0 Td (en' pro prodej a/ )Tj -252.418 -8.39625 Td (nebo n%kup jak\(chkoli finan)Tj /R668 6.99628 Tf 85.928 0 Td (!)Tj /R649 6.99628 Tf 3.135 0 Td (n'ch produkt)Tj /R668 6.99628 Tf 39.263 0 Td (#)Tj /R649 6.99628 Tf 3.855 0 Td ( a nelze jej pova&ovat za n%vrh a/nebo nab'dku ke vstupu do )Tj -132.181 -8.39484 Td (jak!koli transakce. Tento materi%l je ekonomickou anal\(zou a nen' m'n)Tj /R668 6.99628 Tf 217.506 0 Td (")Tj /R649 6.99628 Tf 3.50484 0 Td (n jako investi)Tj /R668 6.99628 Tf 40.0467 0 Td (!)Tj /R649 6.99628 Tf 3.13406 0 Td (n' doporu)Tj /R668 6.99628 Tf 30.4692 0 Td (!)Tj /R649 6.99628 Tf 3.135 0 Td (en', )Tj -297.796 -8.39578 Td (n%vrh na obchod s cenn\(mi pap'ry nebo jakoukoli jinou investici. )Tj 8.39531 TL ( )' (Ka&d% investice zahrnuje ur)' /R668 6.99628 Tf 83.5908 0 Td (!)Tj /R649 6.99628 Tf 3.135 0 Td (itou m'ru rizika, ale riziko ztr%ty p)Tj /R668 6.99628 Tf 100.815 0 Td ( )Tj /R649 6.99628 Tf 2.28797 0 Td (i obchodov%n' na mimoburzovn'ch )Tj -189.829 -8.39625 Td (finan)Tj /R668 6.99628 Tf 15.1608 0 Td (!)Tj /R649 6.99628 Tf 3.13406 0 Td (n'ch trz'ch \)Forex* je podstatn!. Pokud uva&ujete o obchodov%n' na t)Tj /R668 6.99628 Tf 211.84 0 Td (")Tj /R649 6.99628 Tf 3.50531 0 Td (chto trz'ch, m)Tj /R668 6.99628 Tf 41.7319 0 Td (")Tj /R649 6.99628 Tf 3.50484 0 Td (li byste si )Tj -278.877 -8.39484 Td (b\(t tohoto rizika v)Tj /R668 6.99628 Tf 55.222 0 Td (")Tj /R649 6.99628 Tf 3.50391 0 Td (domi, abyste se p)Tj /R668 6.99628 Tf 54.8372 0 Td ( )Tj /R649 6.99628 Tf 2.28656 0 Td (ed investov%n'm dok%zali kvalifikovan)Tj /R668 6.99628 Tf 115.208 0 Td (")Tj /R649 6.99628 Tf 3.50531 0 Td ( rozhodnout. P)Tj /R668 6.99628 Tf 45.5241 0 Td ( )Tj /R649 6.99628 Tf 2.28797 0 Td (edkl%dan\( )Tj -282.375 -8.39578 Td (materi%l nem% slou&it jako obchodn' doporu)Tj /R668 6.99628 Tf 136.888 0 Td (!)Tj /R649 6.99628 Tf 3.13359 0 Td (en' nebo strategie. Swissquote Bank se sna&' pracovat se )Tj -140.022 -8.39531 Td (spolehliv\(mi a ucelen\(mi informacemi, ale netvrd'me, &e jsou zcela p)Tj /R668 6.99628 Tf 212.162 0 Td ( )Tj /R649 6.99628 Tf 2.28797 0 Td (esn! a kompletn'. Nen' na#' )Tj -214.45 -8.39578 Td (povinnost' informovat v%s, pokud se n%zory nebo $daje uv%d)Tj /R668 6.99628 Tf 187.604 0 Td (")Tj /R649 6.99628 Tf 3.50484 0 Td (n! v tomto materi%lu m)Tj /R668 6.99628 Tf 72.2081 0 Td (")Tj /R649 6.99628 Tf 3.50484 0 Td (n'. Ceny )Tj -266.822 -8.39531 Td (uv%d)Tj /R668 6.99628 Tf 15.0347 0 Td (")Tj /R649 6.99628 Tf 3.50531 0 Td (n! v t!to anal\(ze slou&' jen jako orienta)Tj /R668 6.99628 Tf 120.958 0 Td (!)Tj /R649 6.99628 Tf 3.13359 0 Td (n' informace a nep)Tj /R668 6.99628 Tf 57.6844 0 Td ( )Tj /R649 6.99628 Tf 2.28797 0 Td (edstavuj' odhadovanou cenu )Tj -202.604 -8.39578 Td (cenn\(ch pap'r)Tj /R668 6.99628 Tf 43.538 0 Td (#)Tj /R649 6.99628 Tf 3.855 0 Td ( nebo jin\(ch finan)Tj /R668 6.99628 Tf 54.5709 0 Td (!)Tj /R649 6.99628 Tf 3.13406 0 Td (n'ch instrument)Tj /R668 6.99628 Tf 47.813 0 Td (#)Tj /R649 6.99628 Tf 3.855 0 Td [(. )260]TJ -156.766 -8.39484 Td ( )Tj 8.39625 TL (Tuto anal\(zu lze distribuovat jen za podm'nek povolen\(ch platnou legislativou. Nic v t!to anal\(ze )' 8.39484 TL (nezakl%d% tvrzen', &e kter%koli z obchodn'ch strategi' nebo doporu)' /R668 6.99628 Tf 205.312 0 Td (!)Tj /R649 6.99628 Tf 3.13406 0 Td (en' odpov'daj' individu%ln'm )Tj -208.446 -8.39625 Td (podm'nk%m p)Tj /R668 6.99628 Tf 43.2858 0 Td ( )Tj /R649 6.99628 Tf 2.28797 0 Td ('jemce a nejsou ani jinak m'n)Tj /R668 6.99628 Tf 88.65 0 Td (")Tj /R649 6.99628 Tf 3.50531 0 Td (ny jako osobn' doporu)Tj /R668 6.99628 Tf 69.6328 0 Td (!)Tj /R649 6.99628 Tf 3.13406 0 Td (en'. Tato anal\(za je zve)Tj /R668 6.99628 Tf 71.047 0 Td ( )Tj /R649 6.99628 Tf 2.28797 0 Td (ejn)Tj /R668 6.99628 Tf 9.45891 0 Td (")Tj /R649 6.99628 Tf 3.50484 0 Td (na )Tj -296.795 -8.39484 Td (v\(hradn)Tj /R668 6.99628 Tf 24.4941 0 Td (")Tj /R649 6.99628 Tf 3.50484 0 Td ( k informa)Tj /R668 6.99628 Tf 30.7209 0 Td (!)Tj /R649 6.99628 Tf 3.13406 0 Td (n'm $)Tj /R668 6.99628 Tf 17.2392 0 Td (!)Tj /R649 6.99628 Tf 3.13359 0 Td [(el)240]TJ /R668 6.99628 Tf 5.56922 0 Td (#)Tj /R649 6.99628 Tf 3.855 0 Td (m, nejedn% se o reklamu a nen' m'n)Tj /R668 6.99628 Tf 109.939 0 Td (")Tj /R649 6.99628 Tf 3.50531 0 Td (na jako n%vod nebo nab'dka ke )Tj -205.095 -8.39578 Td (koupi nebo prodeji jak\(chkoli cenn\(ch pap'r)Tj /R668 6.99628 Tf 136.721 0 Td (#)Tj /R649 6.99628 Tf 3.85406 0 Td ( nebo jin\(ch finan)Tj /R668 6.99628 Tf 54.5709 0 Td (!)Tj /R649 6.99628 Tf 3.13406 0 Td (n'ch instrument)Tj /R668 6.99628 Tf 47.813 0 Td (#)Tj /R649 6.99628 Tf 3.855 0 Td ( v r%mci jak!koli )Tj -249.948 -8.39625 Td (jurisdikce.)Tj ET Q Q q 1392.96 3851.25 2833.14 2656.07 re W n 0.578125 0.580078 0.583984 0.31958 k q 8.33333 0 0 8.33333 0 0 cm BT /R649 6.99628 Tf 0 1 -1 -0 172.402 462.15 Tm (V souvislosti se spolehlivost', $plnost' nebo p)Tj /R668 6.99628 Tf 139.477 0 Td ( )Tj /R649 6.99628 Tf 2.28797 0 Td (esnost' informac' uv%d)Tj /R668 6.99628 Tf 69.3403 0 Td (")Tj /R649 6.99628 Tf 3.50484 0 Td (n\(ch v tomto materi%lu se )Tj -214.61 -8.39578 Td (neposkytuj' &%dn! z%ruky, s v\(jimkou informac' t\(kaj'c'ch se Swissquote Bank, jej'ch dce)Tj /R668 6.99628 Tf 270.986 0 Td ( )Tj /R649 6.99628 Tf 2.28797 0 Td (in\(ch )Tj -273.274 -8.39531 Td (spole)Tj /R668 6.99628 Tf 16.98 0 Td (!)Tj /R649 6.99628 Tf 3.13406 0 Td (nost' a pobo)Tj /R668 6.99628 Tf 39.1659 0 Td (!)Tj /R649 6.99628 Tf 3.13359 0 Td (ek. Tot!& se t\(k% informac' a p)Tj /R668 6.99628 Tf 93.4622 0 Td ( )Tj /R649 6.99628 Tf 2.28797 0 Td (ehledu o cenn\(ch pap'rech, trz'ch nebo v\(voji )Tj -158.164 -8.39578 Td (uv%d)Tj /R668 6.99628 Tf 15.0347 0 Td (")Tj /R649 6.99628 Tf 3.50531 0 Td (n!m v anal\(ze. Swissquote Bank nezaru)Tj /R668 6.99628 Tf 121.735 0 Td (!)Tj /R649 6.99628 Tf 3.13406 0 Td (uje investor)Tj /R668 6.99628 Tf 35.7717 0 Td (#)Tj /R649 6.99628 Tf 3.855 0 Td (m zisk, nebude se pod'let na zisku a )Tj -183.036 -8.39578 Td (nep)Tj /R668 6.99628 Tf 12.0548 0 Td ( )Tj /R649 6.99628 Tf 2.28797 0 Td (ij'm% zodpov)Tj /R668 6.99628 Tf 39.5288 0 Td (")Tj /R649 6.99628 Tf 3.50531 0 Td (dnost za p)Tj /R668 6.99628 Tf 32.1539 0 Td ( )Tj /R649 6.99628 Tf 2.28703 0 Td ('padn! ztr%ty. Investice zahrnuj' riziko a investo)Tj /R668 6.99628 Tf 144.249 0 Td ( )Tj /R649 6.99628 Tf 2.28797 0 Td (i by m)Tj /R668 6.99628 Tf 18.7922 0 Td (")Tj /R649 6.99628 Tf 3.50484 0 Td (li sv% rozhodnut' )Tj /R668 6.99628 Tf -260.652 -8.39531 Td (!)Tj /R649 6.99628 Tf 3.135 0 Td (init proz'rav)Tj /R668 6.99628 Tf 36.0159 0 Td (")Tj /R649 6.99628 Tf 3.50578 0 Td ( a uv%&liv)Tj /R668 6.99628 Tf 27.607 0 Td (")Tj /R649 6.99628 Tf 3.50484 0 Td (. P)Tj /R668 6.99628 Tf 7.65328 0 Td ( )Tj /R649 6.99628 Tf 2.28797 0 Td ('jemci t!to anal\(zy by ji v &%dn!m p)Tj /R668 6.99628 Tf 108.995 0 Td ( )Tj /R649 6.99628 Tf 2.28844 0 Td ('pad)Tj /R668 6.99628 Tf 13.8586 0 Td (")Tj /R649 6.99628 Tf 3.50531 0 Td ( nem)Tj /R668 6.99628 Tf 15.5597 0 Td (")Tj /R649 6.99628 Tf 3.50531 0 Td (li zam)Tj /R668 6.99628 Tf 17.7497 0 Td [("$)555.002]TJ /R649 6.99628 Tf 7.38797 0 Td (ovat za uplatn)Tj /R668 6.99628 Tf 43.2994 0 Td (")Tj /R649 6.99628 Tf 3.50484 0 Td (n' )Tj -303.364 -8.39578 Td (vlastn'ho rozhodnut'. V#echny n%zory vyj%d)Tj /R668 6.99628 Tf 131.837 0 Td ( )Tj /R649 6.99628 Tf 2.28797 0 Td (en! v t!to anal\(ze slou&' v\(hradn)Tj /R668 6.99628 Tf 101.509 0 Td (")Tj /R649 6.99628 Tf 3.50531 0 Td ( k informa)Tj /R668 6.99628 Tf 30.72 0 Td (!)Tj /R649 6.99628 Tf 3.13359 0 Td (n'm $)Tj /R668 6.99628 Tf 17.2392 0 Td (!)Tj /R649 6.99628 Tf 3.13406 0 Td [(el)240.002]TJ /R668 6.99628 Tf 5.56875 0 Td (#)Tj /R649 6.99628 Tf 3.855 0 Td (m, je )Tj -302.79 -8.39531 Td (mo&n! je bez upozorn)Tj /R668 6.99628 Tf 68.7248 0 Td (")Tj /R649 6.99628 Tf 3.50484 0 Td (n' zm)Tj /R668 6.99628 Tf 16.328 0 Td (")Tj /R649 6.99628 Tf 3.50531 0 Td (nit a mohou se li#it od n%zor)Tj /R668 6.99628 Tf 87.1317 0 Td (#)Tj /R649 6.99628 Tf 3.855 0 Td ( jin\(ch sou)Tj /R668 6.99628 Tf 32.407 0 Td (!)Tj /R649 6.99628 Tf 3.13406 0 Td (%st' Swissquote Bank nebo s )Tj -218.591 -8.39578 Td (nimi b\(t v rozporu, pokud se li#' v p)Tj /R668 6.99628 Tf 109.141 0 Td ( )Tj /R649 6.99628 Tf 2.28797 0 Td (edpokladech a krit!ri'ch. Swissquote Bank neru)Tj /R668 6.99628 Tf 146.061 0 Td (!)Tj /R649 6.99628 Tf 3.135 0 Td (' a nezodpov'd% za )Tj -260.625 -8.39484 Td (&%dn! transakce, v\(sledky, zisky nebo ztr%ty vznikl! na z%klad)Tj /R668 6.99628 Tf 187.276 0 Td (")Tj /R649 6.99628 Tf 3.50484 0 Td ( t!to anal\(zy nebo jej'ch )Tj /R668 6.99628 Tf 76.4817 0 Td (!)Tj /R649 6.99628 Tf 3.135 0 Td (%st'. )Tj -270.398 -8.39625 Td ( )Tj 8.39484 TL (Analytick\( t\(m uv%d', aktualizuje nebo stahuje zpr%vy v\(hradn)' /R668 6.99628 Tf 189.34 0 Td (")Tj /R649 6.99628 Tf 3.50484 0 Td ( podle uv%&en' Strategy Desk )Tj -192.845 -8.39625 Td (Swissquote Bank. P)Tj /R668 6.99628 Tf 59.7619 0 Td ( )Tj /R649 6.99628 Tf 2.28797 0 Td (edkl%dan% anal\(za vych%z' z mnoha p)Tj /R668 6.99628 Tf 114.85 0 Td ( )Tj /R649 6.99628 Tf 2.28797 0 Td (edpoklad)Tj /R668 6.99628 Tf 29.5453 0 Td (#)Tj /R649 6.99628 Tf 3.85453 0 Td (. R)Tj /R668 6.99628 Tf 7.78734 0 Td (#)Tj /R649 6.99628 Tf 3.855 0 Td (zn! p)Tj /R668 6.99628 Tf 16.8539 0 Td ( )Tj /R649 6.99628 Tf 2.28797 0 Td (edpoklady a v\(chodiska )Tj -243.372 -8.39484 Td (mohou v!st k odli#n\(m z%v)Tj /R668 6.99628 Tf 82.8427 0 Td (")Tj /R649 6.99628 Tf 3.50531 0 Td (r)Tj /R668 6.99628 Tf 2.32875 0 Td (#)Tj /R649 6.99628 Tf 3.855 0 Td (m. Analytici zodpov)Tj /R668 6.99628 Tf 60.7842 0 Td (")Tj /R649 6.99628 Tf 3.50484 0 Td (dn' za p)Tj /R668 6.99628 Tf 24.368 0 Td ( )Tj /R649 6.99628 Tf 2.28797 0 Td ('pravu tohoto materi%lu mohou )Tj /R668 6.99628 Tf 98.408 0 Td (!)Tj /R649 6.99628 Tf 3.135 0 Td (erpat )Tj -285.02 -8.39578 Td (podklady od pracovn'k)Tj /R668 6.99628 Tf 70.8938 0 Td (#)Tj /R649 6.99628 Tf 3.855 0 Td ( trading desk, sales a dal#'ch odd)Tj /R668 6.99628 Tf 102.648 0 Td (")Tj /R649 6.99628 Tf 3.50531 0 Td (len' za $)Tj /R668 6.99628 Tf 25.2778 0 Td (!)Tj /R649 6.99628 Tf 3.13406 0 Td (elem shrom%&d)Tj /R668 6.99628 Tf 47.4408 0 Td (")Tj /R649 6.99628 Tf 3.50531 0 Td (n', synt!zy a )Tj -260.26 -8.39625 Td (interpretace informac' o d)Tj /R668 6.99628 Tf 80.4778 0 Td (")Tj /R649 6.99628 Tf 3.50578 0 Td (n' na trz'ch. Swissquote Bank nen' povinna aktualizovat informace obsa&en! )Tj -83.9836 -8.39484 Td (v anal\(ze a nezodpov'd% za &%dn! d)Tj /R668 6.99628 Tf 110.722 0 Td (#)Tj /R649 6.99628 Tf 3.85453 0 Td (sledky, zisky nebo ztr%ty vych%zej'c' z t)Tj /R668 6.99628 Tf 117.404 0 Td (")Tj /R649 6.99628 Tf 3.50531 0 Td (chto informac' jako celku )Tj -235.486 -8.39625 Td (nebo jejich )Tj /R668 6.99628 Tf 36.0309 0 Td (!)Tj /R649 6.99628 Tf 3.13406 0 Td (%sti. )Tj -39.165 -8.39484 Td ( )Tj 8.39578 TL (Swisquote Bank v\(slovn)' /R668 6.99628 Tf 73.3697 0 Td (")Tj /R649 6.99628 Tf 3.50531 0 Td ( zakazuje jakoukoli redistribuci tohoto materi%lu jako celku nebo jeho )Tj /R668 6.99628 Tf 215.422 0 Td (!)Tj /R649 6.99628 Tf 3.13406 0 Td (%st' )Tj -295.431 -8.39531 Td (bez p'semn!ho souhlasu Swissquote Bank a nep)Tj /R668 6.99628 Tf 149.741 0 Td ( )Tj /R649 6.99628 Tf 2.28703 0 Td (ij'm% &%dnou odpov)Tj /R668 6.99628 Tf 61.1897 0 Td (")Tj /R649 6.99628 Tf 3.50531 0 Td (dnost za jak!koli jedn%n' t)Tj /R668 6.99628 Tf 80.2247 0 Td ( )Tj /R649 6.99628 Tf 2.28797 0 Td (et'ch )Tj -299.235 -8.39578 Td (stran konan! v tomto ohledu. 0 Swissquote Bank 2514. V#echna pr%va vyhrazena.)Tj ET Q Q Q endstream endobj 646 0 obj 15336 endobj 6 0 obj <> /Contents 7 0 R /TrimBox [0.358461916 .00006103516 841.801514 594.96] /BleedBox [0.358461916 .00006103516 841.801514 594.96] /ArtBox [0.358462 0 841.802 594.96] >> endobj 221 0 obj <> /Contents 222 0 R /TrimBox [0.358461916 .00006103516 841.801514 594.96] /BleedBox [0.358461916 .00006103516 841.801514 594.96] /ArtBox [0.358462 0 841.802 594.96] >> endobj 475 0 obj <> /Contents 476 0 R /TrimBox [0.358461916 .00006103516 841.801514 594.96] /BleedBox [0.358461916 .00006103516 841.801514 594.96] /ArtBox [0.358462 0 841.802 594.96] >> endobj 524 0 obj <> /Contents 525 0 R /TrimBox [0.358461916 .00006103516 841.801514 594.96] /BleedBox [0.358461916 .00006103516 841.801514 594.96] /ArtBox [0.358462 0 841.802 594.96] >> endobj 561 0 obj <> /Contents 562 0 R /TrimBox [0.358461916 .00006103516 841.801514 594.96] /BleedBox [0.358461916 .00006103516 841.801514 594.96] /ArtBox [0.358462 0 841.802 594.96] >> endobj 594 0 obj <> /Contents 595 0 R /TrimBox [0.358461916 .00006103516 841.801514 594.96] /BleedBox [0.358461916 .00006103516 841.801514 594.96] /ArtBox [0.358462 0 841.802 594.96] >> endobj 618 0 obj <> /Contents 619 0 R /TrimBox [0.358461916 .00006103516 841.801514 594.96] /BleedBox [0.358461916 .00006103516 841.801514 594.96] /ArtBox [0.358462 0 841.802 594.96] >> endobj 644 0 obj <> /Contents 645 0 R /TrimBox [0.358461916 .00006103516 841.801514 594.96] /BleedBox [0.358461916 .00006103516 841.801514 594.96] /ArtBox [0.358462 0 841.802 594.96] >> endobj 3 0 obj << /Type /Pages /Kids [ 6 0 R 221 0 R 475 0 R 524 0 R 561 0 R 594 0 R 618 0 R 644 0 R ] /Count 8 >> endobj 1 0 obj <> /Metadata 998 0 R >> endobj 4 0 obj <>stream xWKn0ȢH}lYQ$h]H&GId))s.z^8N*KZP⛙fFw\@0KP*1!\GwNݍ[Es8ZYQERMu8hnf}2nmu]/ ?^hZgdNG6[߹*
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