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Forex · News · Forex ForecastsNEWS / Forex Forecasts |
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The overall lightening of the dollar…Rate dynamics and recommendations on USD-CHF and USD-CAD.
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09:13 05/20/2004
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The overall lightening of the dollar…Rate dynamics and recommendations on USD-CHF and USD-CAD.
According to the minutes of the last meeting of the Bank of England, all the members of the Board voted unanimously for raising the rate on 25 points The question of raising the rate 50 points higher was also discussed, however, all the members of the Board voted for raising the rate only on 25 points.
The yen rally is continuing due to recent rise of quotations of Japanese stocks. The fall of the rate of the dollar against the yen (almost two yens down) resulted in wide weakening of American currency in other pairs as well: EUR/USD rose 1 percent higher, Australian and New Zealand dollars strengthened 2 percent. “There are some indications that foreign investors returned to the Japanese stock exchange market yesterday and that improves the overall sentiments of the traders in terms of the yen”, thinks ABN Amro analyst.
The Eurozone International trade proficit rose to 10,2 billion Euro in March 2004 from 6,5 billion Euro in February. In March 2003, International trade proficit equaled 3,4 billion Euro. Analysts had looked for 7,0 billion Euro positive International trade balance of Eurozone for March. International trade balance proficit contributes to the further weakening of the dollar.
CHF rate has once again got closer to the local level of support at 1,2700 and is approaching the strategy line of support at 1,25.
Recommendations: it is better to stay out of the market so far.
Recommendations: it is better to stay out of the market so far.
The forecast was created by trans1.
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