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Forex · News · Forex Forecasts

NEWS / Forex Forecasts

USDCHF,USDCAD Tomorrow's decisions of ECB and BE will determine further vector of movement of basic currency pairs...

11:47 09/05/2007

So, two key events of this week take place tomorrow. We remind that two-day meeting of Monetary Policy Committee of Bank of England which decision will be announced tomorrow, began today at 11:00 GMT. And the decision of Governing Council of the European central bank will be known tomorrow, at 11:45 GMT.

 

Let's notice that the majority of experts forecast that the repo rate in Great Britain will be left without change at a level of 5.75 %. We remind that last time the rate was changed on July, 5th, 2007 and was raised by 0.25 %.

Economists expect the same decision from ECB. They predict that on a background of unstable situation in the financial markets and also probable drop in FRS in rate on September, 18th, Governing Council of the European central bank will not make tough decisions.

 

It is remarkable that after today's decision of Governing Council of Reserve Bank of Australia to leave the basic interest rate in Australia without change at a level of 6.50 %, the rate of the Australian dollar/American dollar could not renew its progress.

As a result, after the attempt to growth undertaken by it and achievement of a mark 0.8287, the rate returned to a range with risk of the further reduction.

The similar situation happened after meeting of Governing Council of Bank of Canada which results were issued at 13:00 GMT. We remind experts predicted that the bank would leave the overnight rate without change at a level of 4.50 %. As a result, after the announcement of the decision, the dollar/canadian rate could not break out the key level of support and returned to a former trading range.

 

Let's remind that yesterday's trade was on a background of dollar rise almost against all basic currency pairs. But nevertheless obviously weak American indicators led to some correction at the tenders during the American session.

So, ISM index in the USA for August was a little below forecasts. However high values of some components of the report affected positively players of stock market in the USA who accepted assets of stock market with greater enthusiasm. As a result it pushed the basic American stock indexes to growth.

Let's remind that value of the indicator made 52.9, at the forecast 53.2, and the previous value 53.8.

Another important indicator - construction spending in the USA for July was equal to -0.4 %, at the forecast -0.1 %. However, the previous value was revised from -0.3 % to +0.1 %.

 

We recommend to temporize before the publication of decisions of Bank of England and ECB.

 

 

 

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19/12 21.15
TickerBidAsk
USD/CHF1.15601.1562
GBP/USD1.99541.9956
USD/JPY113.4100113.4300
EUR/USD1.43521.4354
AUD/USD0.85770.8581
USD/CAD1.00521.0056
EUR/GBP0.71920.7194
EUR/CHF1.65951.6599
EUR/JPY162.7900162.8300
GBP/JPY226.3000226.3600
GBP/CHF2.30702.3080
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