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Forex · News · Forex Forecasts

NEWS / Forex Forecasts

EURUSD, GBPUSD. Today traders continue to get rid of dollar.

11:47 09/20/2007

Today the dollar has continued falling and "has broken out" a key level of resistance on euro - a level 1,4. Within a day in the market two powerful impulses of the US currency sales were observed: in the beginning of the European trading session and in the beginning American one.

 

The European market opened with euro growth, being under impression of yesterday's FOMC decision on decrease in the rate by 0,5 %. Rumors that in the near future the USA will strengthen pressure upon China to make its government to accelerate liberalization of yuan rate which in opinion of the USA is strongly underestimated to dollar, added fuel to the fire.

 

On September, 20th David McCormick, the new deputy Secretary of the US Treasury, gave a talk at the Peking University. Where he stated that if China allows its currency to become stronger it “will eliminate the main reason of obvious injustice” of the American-Chinese relations. It is supposed that more expensive yuan will reduce cost the import goods in China and will also make the Chinese export less favorable and thus will push the companies to work inside the country. The Senate of the USA works at ratification of the project according to which it will be possible to put pressure legislatively on those countries which, from the point of view of America carry out the wrong international monetary policy. And first of all it concerns China, which trading deficit with the USA is the highest and makes 40 % of total amount of trading deficit of the USA with all countries.

 

Yesterday the dollar tested indirect pressure of the world oil market. On Thursday at NYMEX oil futures were closed at a new record mark of 82 dollars a barrel.

In the beginning of the American session dollar players were disappointed again. The index of leading indicators showed falling in the negative zone, generalized indicator of this index for August demonstrated falling by 0,6 %, after growth by 0,7 % in July. Analysts expected decrease in this parameter to a zero mark. Such strong falling of the index which shows immediate prospects of economic development again confirmed opinion of the market that last downturn of FRS rate will not be the last this year, and by the end of year the rate will be reduced to 4,5 % per annum.

 

As a whole the general market’s tone is still against dollar.

 

On the open positions: stop on euro is moved above, in fixed profit, at a level 1,3995.

 

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