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Forex · News · USMarketNEWS / USMarket |
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Market consolidation…Rate dynamics and recommendations on EUR-USD and GBP-USD.
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08:04 08/04/2004
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Market consolidation…Rate dynamics and recommendations on EUR-USD and GBP-USD.
The market stays still, while expecting the key event of this week that is due August 10. That is the meeting of the Federal Open Market Committee of the FRS U.S. Market regulation policy and the question of raising the rate of refinancing are to be discussed at the meeting. Position of the dollar against major world currencies on Forex market will depend on the extent to which the means of financial regulation will be changed. Price chart shows that the Euro and pound sterling quotations entered a triangle – trend model by which one can determine market activity slow down.
Meanwhile, differently directed economic news counter-balanced exchange market forces.
The U.S. Department of trade reports that Personal spending reduced 0,7% in June in the U.S. compared with the previous period. According to Reuters forecasts, a dip to 0,2% was expected.
At the same time, Personal income increased by 0.2% compared with gain in 0.6% in May. Redbook Retail Sales Average weekly data came out +3,2% higher compared with the similar period of the previous year but lower than at the similar period of the previous month: -0.1% in July.
Oil market still puts the pressure on the rate of the dollar. The price of Light Sweet crude futures hit new record of $44,24 a barrel at NYMEX ACCESS system. The market broke the psychological level of $44 a barrel. OPEC President Purnomo Yusgiantoro said on Tuesday the producers\\\\\\\' cartel would not raise oil quotas for supplying accelerating demand, as they had no extra growth sources.
Recommendations: prices on the Euro and pound sterling against the dollar are near the key levels of support. Breaking the key levels of support at 1,2-1,955 on EUR and at 1,187-1,8 on GBP will give grounds for opening shorts on those currency pairs.
Recommendations: prices on the Euro and pound sterling against the dollar are near the key levels of support. Breaking the key levels of support at 1,2-1,955 on EUR and at 1,187-1,8 on GBP will give grounds for opening shorts on those currency pairs.
The forecast was created by trans1.
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