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Rate dynamics and recommendations on EUR-USD and GBP-USD.
07:50 05/21/2004
Rate dynamics and recommendations on EUR-USD and GBP-USD.
The release of two key indicators on the U.S. economy had put the pressure on the dollar and resulted in continuation of EUR and GBP trend directed upwards.
Philadelphia Fed index for May came out +23.8 in the U.S. (forecasted +33.0, the previous value equaled +32.5). The indicator had come out lower than expected but index component, characterizing employment, rose to 22.6 from 12.2.
Jobless claims in the U.S. for the week up to May 15 made up 345 000 (forecasted as 330000, the previous value equaled 331000). The given data produced a negative effect on the dollar. However, analysts note that the value lower than 390000 points at reduction in the number of unemployed.
Meanwhile, the statement made by the Federal Reserve System chief Bernanke puts some pressure on the dollar. Bernanke said that interest rates in the U.S. would be raised gradually. Some investors expected rate hike to be as quick, as the optimistic and quick growth of employment.
Recommendations: keep long-term positions on pound sterling.
Recommendations: keep long-term positions on pound sterling.
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