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Forex · News · Forex ForecastsNEWS / Forex Forecasts |
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What would OPEC decide?…Rate dynamics and recommendations on USD-CHF and USD-CAD.
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07:49 06/03/2004
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What would OPEC decide?…Rate dynamics and recommendations on USD-CHF and USD-CAD.
Data, showing GDB growth, supports Swiss frank. The European Commission representative said the average growth of GDP was 0.6% in the EU in the first quarter, which was higher than forecasted. Analysts had looked for 0.2% - 0.45% gains in GDP in the first quarter.
Swiss frank continues keeping yesterday positions, despite problems, caused by oil prices rise in Europe. Though, the EU authorities stay optimistic. Forex analysts do not expect any definite actions or statements to be made at the forthcoming meeting of 12 finance ministers of the EU and at the summit of 25 countries’ minister. The ECB representative said in his recently made speech that there were no reasons for raising the rate of refinancing, as inflation stayed within the norm and the level of it was under control. PPI data also proves it. In Eurozone, PPI rose 0.4% in April compared to the previous month. As for the previous year’s level, PPI rose 1.4% in April in Eurozone, which is within the controlled level.
The dollar is supported by positive data on the U.S. economy. The market is expecting OPEK meeting that is to decide upon oil extraction quotas and price level. Later on, U.S. labor market report will follow and it will give investors clues what changes FRS U.S. might make in terms of interest rates. However, some analysts think that the given event might be “played out” by market in advance.
Recommendations: in this situation, we recommend keeping shorts on CHF that had been set out and moving stops to break-even. On CAD, we recommend closing out at the current rate.
Recommendations: in this situation, we recommend keeping shorts on CHF that had been set out and moving stops to break-even. On CAD, we recommend closing out at the current rate.
The forecast was created by trans1.
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