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Forex · News · Forex Forecasts

NEWS / Forex Forecasts

Market’s daily review

11:47 02/10/2006

Yesterday rates of the basic currencies traded in the limited price ranges.

The American currency is still supported by the expectations of that the US FRS is going to raise the rate in future.

The published economic data in the USA have also supported a dollar exchange rate.

So, according to data of the US Department of Labor the initial jobless claims were up 4000 to 277000 for a week on February, 4th, that in its turn, led to decline of four-week moving average to a minimum level of 276500since April, 2000.

Economists forecast growth of new claims approximately up to 283000.

For a week on January, 28th the number of those on the dole were up60000 to 2.557 million.

The 4-week jobless claims rate grew 2 % against 1.9 %.

 

As the US Department of Commerce informed wholesale inventories were up 1 % in December on a background of growth of cars and drugs stocks.

Wholesales were also up 1 % in monthly calculation on a background of growth of sales of the durable goods and petroleum.

Economists forecast inventories growth on 0.5 %. The revised inventories were up 0.5 % in November against +0.4 % earlier.

 

On Thursday the British currency was under pressure after the publication of the data, testifying to growth of trade deficit balance of the UK.

The national bureau of statistics of the UK informed on Thursday that foreign trade deficiency made 6.06 billion pounds in December in comparison with deficiency of 6.01 billion pounds in November.

At the same time, the black ink of foreign trade in services kept rising in December, and increased up to 1.7 billion pounds in comparison with 1.5 billion pounds in November.

In 2004 deficiency of foreign trade in goods and services in the UK made 39 billion pounds.

 

The trade balance, except for trade with the countries of the European Union in Great Britain, for December made -3.20 billion pounds at the forecast -2.70 billion pounds.

The previous value has been revised from -3.02 up to -2.96 billion pounds.

 

Also on Thursday, Committee on the monetary policy of Bank of England took a decision to leave the repo rate in Great Britain without change at a level of 4.50 %. The same decision was expected by the majority of economists.

 

According to data of Halifax last research in January the housing price in Great Britain went down a little.

In monthly calculation the housing price was down 0.4 % that became the first decline since May, 2005

In last 3 months the prices were up 5.1 % in comparison with the similar period for the last year, not having changed in comparison with the last month.

As a whole in last three months the prices rose on 1.6 %.

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