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Forex · News · Forex Forecasts

NEWS / Forex Forecasts

EURUSD, GBPUSD. Today dollar has fallen at Asian session

22:00 04/10/2007

Yesterday the dollar held its positions under impression of a positive on the labor market, employment indicators in the USA for March and on a background of sharp drop in oil quotations.

 

The tenders at NYMEX were closed with downturn on oil futures by 2 dollars a barrel.

 

Exchange analysts connect it with release of 15 British sailors captured by Iran, which cleared the air in a zone of Persian Gulf. «We observe sale of oil after achievement of excessive tops within last two weeks because of an aggravation of the conflict between Britain and Iran», - Michael Lynch, the President of Strategic Energy and Economic Research, Winchester, the USA says, - «Prices are also down because of decrease in activity of oil refining plants that led to increase in oil stocks».

 

However already today at morning Asian session the dollar has lost its positions, the euro and yens again have tested annual tops.

 

The dollar fell in the beginning of session, up to a minimum of 118,77 yens due to fears about growth of intensity between China and the USA, after statements of the USA that they will direct the official protest to WTO concerning frequent infringement of intellectual property rights in China.

LGT Asia in its statement noted: "Participants of market are afraid of any sanctions from the USA, concerning infringements of copyrights". " Besides it can make China to reduce purchase of the American assets which make more than 1 bln. dollars in exchange reserves".

The dollar was restored slowly after the Bank of Japan left the interest rate at a level of 0,50 % as it was expected.

"The level of rates of Bank of Japan remains rather low 0,50 %, making transactions on a difference of interest rates attractive", - they told in the United Overseas Bank.

 

As a whole the euro trend was restored, however it is necessary to take into account that it was more emotional break, therefore by a weekend quotations can be adjusted again inside sideways.

 

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