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Forex · News · Forex ForecastsNEWS / Forex Forecasts |
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Daily review of the market.
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11:50 07/21/2004
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Daily review of the market.
Investors’ activity was rather low at yesterday trades, which resulted in steep changes of exchange rates.
Yesterday, American currency rose against major world currencies prior to Congressional testimony of FRS chairman Alan Greenspan.
Meanwhile, British currency got weaker after the release of data on Britain, which demonstrated inflationary level decline in June.
The given data decrease the possibility of further rate hike of the Bank of England.
Common European currency dropped against the dollar, despite strong data on ZEW economic expectations index in Germany.
In Germany, ZEW economic expectations index unexpectedly increased to 48.4 points in July from 47.4 points in June.
Economists had looked for 47.0 points.
Preliminary value of M4 money supply index made up +0.5% per month, +7.8% per year in Britain in June.
Previous value of the index equaled +1.2% per month, +7.8% per year.
In Britain, budget deficit made up +10.62 billion pounds in June, forecasted +9.60 billion pounds, previous value equaled +3.06 billion pounds.
The chairman of the Federal Reserve System of the U.S., Alan Greenspan, stated yesterday that the long period of keeping the rate of the same level had come to an end. In his half a year report on monetary policy before the Banking Committee of the Senate, Greenspan put aside recent concerns on weak data on the U.S. economy. He said policy-tightening risk would increase as economic advance improved.
Greenspan noted that economy was ready for gradual rate hike and could also handle not quite gradual hike.
FRS chairman also stated that FRS was not sure that moderate rise of inflation would remain and that FRS would attentively watch data on rise in prices.
On Tuesday, Red book analytical group informed that Redbook index increased by 2.6% in the week ended July 17 against the corresponding week of the previous year.
Last week, ended July 10, there was recorded gain in 2.8% compared with the previous year’s indicator.
Compared to the similar period in June, retail sales dropped by 0,6% in July.
In the U.S., Housing starts unexpectedly decreased by 8.5% to 1.802 million houses annual rate in June from the revised 1.970 million houses in May, reports the U.S. Department of Trade.
Building permits reduced by 8.2% to 1.924 million houses annual rate in June from the revised 2.097 million houses.
Economists though Housing starts would equal 1.99 million houses annual rate, Building permits would equal 2.02 million houses.
The forecast was created by trans1.
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