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Forex · News · Forex ForecastsNEWS / Forex Forecasts |
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Rate dynamics and recommendations on EUR-USD and GBP-USD.
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08:08 05/18/2004
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Rate dynamics and recommendations on EUR-USD and GBP-USD.
The rate of the dollar is under the significant pressure of positive data on Asian countries’ economy.
In Japan, GDP rose 5.6%y/y in the first quarter, whereas the experts had looked for 3.8% gain. Compared to the IV quarter, GDP rose 1.4%; the indicator rose for the eighth straight month. “Japan’s economy is moving in the right direction”, - noted the minister of finance Sadakazu Tanigaki. In Japan, unemployment had dropped to 4.7% in March – three-year minimum. Unemployment rate drop contributed to consumer demand revival. In the first quarter of the current year, GDP of China was revised in accordance with a new technique. Economic growth rates made up 9.8%, which is 0.1 interest-bearing points higher than the earlier made calculations. In Japan-March, GDP made up 2 trillion 712.8 billion yuans ($327.75 billion), which is 2.2 billion yuans ($268.8 million) higher than the earlier submitted results. Changes in GDP calculations are basically due to introduction of new methods of statistical accounting in the following branches: transportation, logistics, postal and telecommunication services. The fact that GDP increase produces a stimulating effect on the U.S. Administration that might restart its pressure on the official Peking with demands to annul state regulation of the yuan rate.
The only factor that balances the impact of the negative-for-the-dollar economic news and the Iraq political factor is the FRS rate hike expectations that grew stronger due to inflationary pressure strengthening in the U.S.
Recommendations: keep positions on longs, place stop at break-even.
Recommendations: keep positions on longs, place stop at break-even.
The forecast was created by trans1.
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