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Forex · News · Forex ForecastsNEWS / Forex Forecasts |
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Contradictory fundamental news did not clear the market situation…Rate dynamics and recommendations on USD-CHF and USD-CAD.
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18:49 06/04/2004
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Contradictory fundamental news did not clear the market situation…Rate dynamics and recommendations on USD-CHF and USD-CAD.
According to the U.S. Department of Labor, jobless claims dropped on 6 000 to 339 000 claims last week. The analysts had expected 336 000 claims. The similar indicator of the last week was revised to 345 000 claims. Indicators came out almost as forecasted, which made market makers doubt the possibility of the expected FRS rate hike, though there is still hope for it. That was why the dollar did not get the expected support after the release of the given data. Price on USD-CHF, as well as on USD-CAD could not make a start from the levels of support 1,24-1,25 and 1,35-1,35 respectively. ISM services index also failed to clear up the situation. Index components were of contradictory nature, too. New orders index came out as 61,3 against the previous 65,5; employment rate index came out as 56,3 against 54,5 previous.
News about OPEC decision to raise oil extraction quota was positive for the U.S., as well as for Europe. That will help to stabilize oil prices. It was decided to raise oil extraction quota on 2 million barrels per day to 25,5 million barrels per day at OPEC Conference that took place in Beirut on June 3. OPEC had also decided to raise the quota 500 barrels higher by August. Such countries as Saudi Arabia, Catarrh and Unites Arabian Emirates had the priority in decision-making. Venezuela and Iran had neutral positions. The given news was definitely advantageous for the dollar.
As for European news, ECB left the rate without a change. ECB head Jean-Cluade Trichet said the conditions were still positive. Inflation was under control, despite price rise for carbon-containing fuel and low rates continued supporting the economy and taking it out of recession.
Due to rather contradictory market situation, we recommend staying out of the market.
Due to rather contradictory market situation, we recommend staying out of the market.
The forecast was created by trans1.
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