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Geo-politics is higher than economy…Rate dynamics and recommendations on USD-CHF and USD-CAD.
20:15 05/17/2004
Geo-politics is higher than economy…Rate dynamics and recommendations on USD-CHF and USD-CAD.
The European session had started under the influence of weak Michigan sentiment index/ the preliminary indicators of the given index showed lack of business sentiments dynamics and came out unchanged. Preliminary May indicators equal 94,2 against 94,2 in April.
The impact of the given data was so strong that it produced a significant pressure on the dollar. USD/CHF price was thrown back to the key line of support at 1,25.
The dollar is also negatively affected by growing geo-political instability, caused by news from Iraq about the assassination of the key figure of the new Iraq Government and rise of oil prices that had reached a record $41 per barrel. On this background, the dollar growth perspectives are quite doubtful, even despite positive news on unemployment rate and increase in production.
Recommendations: wait for safer situation for opening positions.
Recommendations: wait for safer situation for opening positions.
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