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Forex · News · Forex ForecastsNEWS / Forex Forecasts |
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Dynamics of rate and recommendations on EUR-USD and GBP-USD.
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07:29 03/23/2004
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Dynamics of rate and recommendations on EUR-USD and GBP-USD.
International currency market situation has recently been determined by geopolitical situation in the world but not by economic news. On Friday, there came in information that large grouping of militants of al-Qaeda was encircled on Pakistan-Afghanistan border. Besides, Israel had put into action its threats of destroying the leaders of Hamas organization. Spiritual leader of Hamas Sheikh Yassin was assassinated this time. In such conditions, currency trading is characterized by great volatility, though in comparatively tight price corridors, together with careful actions of investors. In that or the other way, news factors seem to be in favor of American currency. As a result, the rate of the dollar against the Euro had turned out to be lower that 1,23 USD/EUR. Yen went down against American currency for the first time in seven days due to fears of intervention that might be conducted by National Bank. Japan’s vice-minister of finance noted that BOJ had to create obstacles to steep rate volatility. That made market participants think that financial officials of the country of the rising sun might interfere with trades’ course. On the given background, yen had parted from monthly maximum against dollar, having gone lower than 107 yen per dollar.
In Eurozone, proficit of foreign-trade balance made up 1.2 billion Euro in January against 1.5 billion Euro a year earlier. That is preliminary data that was published today by Eurostat statistical agency. According to revised data, December proficit made up 6.1 billion Euro against 6.9 billion Euro a year earlier. Seasonally adjusted volume of export rose 0,3% in January compared to the previous month. The volume of import reduced 1.1%.
In the EU in total, foreign-trade balance made up 9.5 billion Euro in January against 9.3 billion Euro a year earlier. December proficit made up 1.0 billion Euro and 2.2 billion Euro a year earlier. The volume of export reduced 1.0% in January compared to the previous month, the volume of import remained without a change.
On Monday, Wal-Mart Stores Inc., the largest retail sales company in the world, declared that the indicator of sales in the stores that were opened no later than a year ago were still at the top of the earlier set range of 4-6%. Weekly renewed sales data of the company states (the latest one – data for the week ended March 19) that the best seller of the last week were Easter presents, foodstuffs, cosmetics and household electronics. On the previous week, Retailer stated that the level of comparable sales was approaching the top of forecasted growth range. Company points to increase in number of cashed checks of tax returns in March. Wal-Mart and other leading retailers offer services of cashing checks in their trade chain, absolutely reasonably supposing that at least part of those sums would be spent in their stores. Wal-Mart statement notes that snowstorms that occurred in some Eastern and Mid-Western regions of the U.S. make it difficult to objectively estimate consumer spending growth after receiving earnings checks in the middle of the month.
At 16:55 Moscow time we are expecting Redbook economic review of retail sales for the previous week.
Quotations on the Euro are in the balance zone of 1,2330 line, on the background of contradictory news.
Recommendations: stay out of the market.
Recommendations: stay out of the market.
The forecast was created by trans1.
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