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Forex · News · USMarketNEWS / USMarket |
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Market is getting ready for tomorrow’s U.S. Labor force survey, while waiting for decisions of the Central Banks…Forecast on the dynamics of USD/CHF and USD/CAD rates.
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10:57 05/06/2004
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Market is getting ready for tomorrow’s U.S. Labor force survey, while waiting for decisions of the Central Banks…Forecast on the dynamics of USD/CHF and USD/CAD rates.
As we see, having approached the significant levels, EUR-USD is getting some rest prior to tomorrow’s key release of the month.
Today’s decisions upon the rates are not likely to bring any surprises (11:00 GMT – meeting results of the Bank of England Monetary Policy Committee; 11:45 GMT – the results of the meeting of European Central Bank Board of Governors, which is to decide upon the question of changing interest rates in Eurozone).
Thus, the majority of economists think that ECB is likely to leave its monetary policy without a change and will not reduce the rates, which will have a positive impact on the rate of common European currency in the light of the recent rumors about probable rate reduction.
However, yesterday’s data on unemployment in Germany was rather disappointing, which creates preconditions for the Euro rate correction.
According to the forecasts of the economists, the Bank of England must raise discount rate on 0,25 base points. That is evidently to support the rate of British currency. However, today’s hike has long ago been taken into account by the market and technical correction is needed here.
Later on (at 12:30 GMT), press conference on the results of European Central Bank Board of Governors meeting is to take place. Market participants are likely to find out about the probability of ECB interest rate reduction in the near future.
In a whole, though today is going to be eventful and interesting, it is only the prelude to tomorrow trade session, which is likely to give the opportunities for opening strategy positions.
However, don’t forget that the U.S. Jobless claims for the week up to April 24 is also scheduled at 12:30 GMT today. Let us remind that the forecast equals 335000 and the previous value was 338000.
Recommendations: stay out of the market.
Recommendations: stay out of the market.
The forecast was created by trans1.
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