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Forex · News · Forex ForecastsNEWS / Forex Forecasts |
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Another important release, protect your profits…Rate dynamics and recommendations on USD-CHF and USD-CAD.
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14:00 07/28/2004
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Another important release, protect your profits…Rate dynamics and recommendations on USD-CHF and USD-CAD.
Yesterday\'s data was very much in favor of the American currency.
After such optimistic statements that were made last week by FRS chairman Greenspan, the market watches American releases very attentively.
So far, we should admit that data proves that hopes can come true.
Thus, consumer confidence indedx in the U.S. made p 106.1 in July. Let us remind that the forecast was 100.0 and the previous value was revised from 101.9 to 102.8. That is the highest index value in the last two years. Analysts note that employment rise contributed to the increase of the given parameter. Number of new jobs rose by 1.27million in the first half of the year in the U.S. Index, reflecting Americans’ attitude to their current economic standing and being the component of consumer optimism index, increased this month to its May 2002 maximum of 106.5 points from 105.9 points in June. Index component, reflecting Americans’ attitude to economic situation in the country in the nearest six months, rose to 105.8points from 100.8 points one month earlier.
New home sales in the U.S. set new historic record. The U.S.Department of trade reports that New home sales dropped 0.8% to 1,326 million homes annual rate from 1.337 million homes in May. Analysts had looked for 7,1% dip from the earlier announced 1.369 million homes. In the end, May value was the ercord one. Labor market situation improvement and increase in earnings positively affect Americans’ interest to buying real estate. The average cost of a new home rose to $209.9 thousand in June from $206.3 thousand one month earlier. Compared to last June, new homes’ cost rose by 11.7%.
There are some forecasts that FRS discoun rate might rise by 1% by the end of the year.
Durable goods orders in the U.S. in June is scheduled for 12:30 GMT today. Forecasted |+2.5%, previous value equaled –1.8%.
Recommendations: so far, you should keep yesterday purchases of USD-CHF and USD-CAD. Prior to indicated release, we recommend pulling protective stops to current levels in order to protect profits on long positions that were opened following yesterday release. The levels 1,1950 on EUR-USD and 1,2830 on USD-CHF are too strong to overcome them without a pullback. 1,3410-50 is also a serious level for USD-CAD.
Recommendations: so far, you should keep yesterday purchases of USD-CHF and USD-CAD. Prior to indicated release, we recommend pulling protective stops to current levels in order to protect profits on long positions that were opened following yesterday release. The levels 1,1950 on EUR-USD and 1,2830 on USD-CHF are too strong to overcome them without a pullback. 1,3410-50 is also a serious level for USD-CAD.
The forecast was created by trans1.
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