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Forex · News · USMarketNEWS / USMarket |
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Market is passive and indecisive…Rate dynamics and recommendations on USD-CHF and USD-CAD.
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14:36 07/15/2004
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Market is passive and indecisive…Rate dynamics and recommendations on USD-CHF and USD-CAD.
It is worthwhile noticing that for the second straight day, the dollar has not been going to give up its positions, despite weak U.S. releases.
Let us remind that yesterday Retail sales data were rather depressing. As a result, FRS might accept the policy of moderate rate hikes. Still, the dollar has not tried to overcome the key levels of support but, on the contrary, made an attempt to rise against major currencies.
Today, the U.S. Jobless claims in the week ended July 10 added no optimism to the market analysts. Jobless claims equal 349000, forecasted 343000, previous value was 310000.
Producer price index in the U.S. in June came out even more disappointing. It equals only
–0.3%per month, forecasted +0.1% per month, previous value was +0.8% per month.
However, the reason why the given indicators are so weak is hid in high prices for energy, as PPI, excluding food and energy, made up +0.2% in the U.S. in June, whereas forecasted +0.2% per month and its previous value equaled +0.3% per month.
The only positive indicator was NY Fed Empire State manufacturing index for June, which made up 36.5, forecasted 28.2, previous value equaled 30.2.
The fact that market is passive today can mean market readiness to continue dollar correction, or large players’ intentions to wait for tomorrow releases. The are as follows: CPI in June (forecasted 0.2%, previous value was 0.6%) and Michigan sentiments index (forecasted 97.8, previous value equaled 95.6).
Recommendaions: we do not recommend opening new positions so far, as we need to wait for today’s close to analyze medium-term market situation. We should also wait for tomorrow American releases.
Recommendaions: we do not recommend opening new positions so far, as we need to wait for today’s close to analyze medium-term market situation. We should also wait for tomorrow American releases.
The forecast was created by trans1.
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