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Forex · News · Forex ForecastsNEWS / Forex Forecasts |
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Investors’ attention is fixed on the U.S. fundamental data scheduled for the end of the week…Rate dynamics and recommendations on USD-CHF and USD-CAD.
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06:27 07/27/2004
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Investors’ attention is fixed on the U.S. fundamental data scheduled for the end of the week…Rate dynamics and recommendations on USD-CHF and USD-CAD.
Market activity was rather low on Monday. Prior to the release of series of important U.S. fundamental data, some investors started closing their long positions on the rate of the dollar that were formed last week. Attention of investors is mainly fixed on the U.s. fundamental news the release of which is scheduled for the end of the week.
Monday data was in favor of the dollar. Let us remind that Existing home sales in the U.S. in June made up 6.95 million, whereas forecasted 6.60 million, previous value was revised from 6.80 million to 6.81 million.
Another important release – quarterly report of Confederation of British Industry – underlined the fact that factory orders’ balance in Britain made up +2% in May-July period compared with +18% the three previous month. That proves that growth pace of British economy is slowing down. However, the given data did not result in pound sterling decline, whereas Retail sales data that was published in Canada immediately brought the rate of Canadian dollar down. Let us remind that May index of retail sales showed +0.5% gain during the month. Due to significant rise in prices in May, market participants had looked for a greater value of the index and that is why were disappointed. As a result, the rate of USD-CAD rose almost two patterns higher during American session, having almost reached the level of 1.3350.
Global reasons of that are believed to be rise in growth pace of American and Chinese economies, which supports the dollar, even despite the fact that interest rates might continue to rise in Britain.
Recommendations: stay out of the market. Extremely thin summer market brings in high risks to trading.
Recommendations: stay out of the market. Extremely thin summer market brings in high risks to trading.
The forecast was created by trans1.
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