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Forex · News · Forex ForecastsNEWS / Forex Forecasts |
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Wait till evening news…Forecast on the dynamics of USD/CHF and USD/CAD rates.
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10:37 03/24/2004
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Wait till evening news…Forecast on the dynamics of USD/CHF and USD/CAD rates.
Today will be quite eventful compared to yesterday that almost lacked news and economic statistics. First of all, durable goods orders in the US in February will be published at 16:30 Moscow time (forecast is +2.0%, previous value was –2,3%). Let us mention that release of the given index usually provokes quite a noticeable reaction of market players.
At 18:00 Moscow time we’ll find out about New Home Sales in the US in February (forecasted as 1110000, previous value was 1106000). The representative of FRS US Guinn is to start his report on the US financial policy at the same time.
Other representatives of the US FRS are to make the report late in the evening: 13:00 Moscow time – Parry, 3:00 Moscow time – Minekan.
Investors are sure to pay attention to the given reports, as they want to know the prospective of FRS currency policy.
In a whole, attention of investors is still fixed on the events that take place in the Near East. Investors are especially concerned about the statement made by the head of Israel’s army, who declared yesterday that Palestinian leader Y. Arafat could become another target for Israel, followed by assassination of Hamas leader sheikh Akhmed Yassin. Due to that, market is thin and nervous. Possibly, today’s fundamental data (especially, durable goods orders in the US) can significantly affect exchange rates.
So far, market is “digesting” yesterday statements of European officials that happened to be quite contradictory, as usual. Compared to Welteke, who thinks that “structural reforms in Eurozone are going in quite a slow way”, another representative of ECB Tumpel-Gugerell assumes that “economic rise is gradually getting stronger, whereas inflationary forecasts are still favorable”. That is also the opinion of another official Libscher, who stated that “interest rate corresponds with the situation and there are no reasons to worry about the rates of economic growth, as current rate of interest does not interfere with growth”.
So far, we recommend sticking to earlier given recommendations - keep postponed order for purchasing USD/CHF from 1,2766.
Continue keeping long positions on USD/CAD that were opened from 1,3280, protective stop should be kept at 1,3235. Here, to protect oneself from great losses in case the dollar declines, one should open part of positions in profit at the current level (1,3330).
So far, we recommend sticking to earlier given recommendations - keep postponed order for purchasing USD/CHF from 1,2766.
Continue keeping long positions on USD/CAD that were opened from 1,3280, protective stop should be kept at 1,3235. Here, to protect oneself from great losses in case the dollar declines, one should open part of positions in profit at the current level (1,3330).
The forecast was created by trans1.
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