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Forex · News · Forex ForecastsNEWS / Forex Forecasts |
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Today, we are expecting important market events…Rate dynamics and recommendations on EUR-USD and GBP-USD.
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13:48 07/30/2004
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Today, we are expecting important market events…Rate dynamics and recommendations on EUR-USD and GBP-USD.
Today, we are expecting a series of important releases on the U.S. economy, which are to determine dollar rate dynamics for the near future.At the beginning of American session, Michigan sentiment index and Chicago PMI are to be published.The second important event is the release of the U.S. GDP in the second quarter of 2004. The main intrigue in the planned course of events is to be brought in by the leaders of the Democratic party. The opposition on the behalf of the ruling Bush’s Republican party is preparing a report on the volume of budget and external economic deficit. Democrats say they will through light upon the weak point of the U.S. economy – the level of deficit. The given data are expected to be negative, which is definitely to out pressure on the outlined descending trend on the Euro and pound sterling.Yesterday’s labor market data put pressure on the dynamics of dollar rate. Jobless claims in the U.S. in the week ended July 24 made up 345000, forecasted 340000, previous value was revised from 339000 to 341000. Employment cost index in the U.S. in the second quarter of 2004 made up +0.9%, forecasted +0.9%, previous value equaled +1.1%. Help-wanted index in the U.S. in June made up 38, forecasted 40, previous value equaled 39. Another factor constantly prevailing over the dollar exchange rate is oil market situation. Record prices for oil still negatively affect the dollar.
Recommendations: as the expected events are so much important and unpredictable, we recommend keeping long-term shorts on the Euro and pound sterling, pulling protective stops to current rate.
Recommendations: as the expected events are so much important and unpredictable, we recommend keeping long-term shorts on the Euro and pound sterling, pulling protective stops to current rate.
The forecast was created by trans1.
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