On Thursday, as we predicted, the situation in the euro area has remained tense, the traders are still influenced depressingly negative expectations for the debts of Greece and Portugal, and even during the Asian trading the euro was pushed back to 6-month low 1.3936, while the Swiss Frank noted at 5-month low 1.0554. An attempt to recover the euro led to a maximum of 1.4047, but unfulfilled forecast for German unemployment (8.2%) re-fixed the single currency to the south, and this downward motion, and continued after the news in the U.S., where the volume of orders for durable goods increased by only 0 , 3% (estimated 2%), and the number of initial applications for unemployment benefits totaled 470 thousand (estimated 450 thousand). As a result, the euro, touching the 1.3945 mark, and then continued movement in the range of 1.3950-80.
The FTSE opened up a significant gap in the continued rally in Asian stock markets, triggered by a reaction to Obama”s first annual address to Congress. In the stock has positive things to grow the British currency, even during the European session, the pound reached a week maximum on a mark 1.6374. However, throughout the momentary coming to an end, and after the publication of the rating agency Standard Poor”s that the British banking system can no longer be considered the most stable in the world, the pound had dropped to a mark 1.6118, the minimum was recorded and then at 1.6111.
Japanese yen before the opening of U.S. trading session, the dollar weakened to the level of 90.53, but up to the day managed to strengthen to 89.70 yen to the dollar.
Forecast for Friday, January 29, 2010
on Friday will be published house price indices from Nat”wide UK, and there are data on unemployment in the euro zone - the level threatens to exceed the 10% that does not promise anything good for the euro. In addition, we advise to pay attention to data on the change in GDP for the U.S. and Canada - the negative data may spur interest-haven currencies, the dollar and the yen.
Thus, the euro may continue to decline to a level that is proud 1.3900, followed by a return to 1.4000 for the pound, support will be at the level of 1.6050, 1.6180 resistance level becomes, the dollar /franc will try to fight off the resistance 1.0550, with a return to 1.0470. Pare dollar /yen is not threatened output in the range of 89.20-90.30.
Analytical review of the FOREX market for Thursday, January 28, 2010
On Thursday, as we predicted, the situation in the euro area has remained tense, the traders are still influenced depressingly negative expectations for the debts of Greece and Portugal, and even during the Asian trading the euro was pushed back to 6-month low 1.3936, while the Swiss Frank noted at 5-month low 1.0554. An attempt to recover the euro led to a maximum of 1.4047, but unfulfilled forecast for German unemployment (8.2%) re-fixed the single currency to the south, and this downward motion, and continued after the news in the U.S., where the volume of orders for durable goods increased by only 0 , 3% (estimated 2%), and the number of initial applications for unemployment benefits totaled 470 thousand (estimated 450 thousand). As a result, the euro, touching the 1.3945 mark, and then continued movement in the range of 1.3950-80.
The FTSE opened up a significant gap in the continued rally in Asian stock markets, triggered by a reaction to Obama”s first annual address to Congress. In the stock has positive things to grow the British currency, even during the European session, the pound reached a week maximum on a mark 1.6374. However, throughout the momentary coming to an end, and after the publication of the rating agency Standard Poor”s that the British banking system can no longer be considered the most stable in the world, the pound had dropped to a mark 1.6118, the minimum was recorded and then at 1.6111.
Japanese yen before the opening of U.S. trading session, the dollar weakened to the level of 90.53, but up to the day managed to strengthen to 89.70 yen to the dollar.
Forecast for Friday, January 29, 2010
on Friday will be published house price indices from Nat”wide UK, and there are data on unemployment in the euro zone - the level threatens to exceed the 10% that does not promise anything good for the euro. In addition, we advise to pay attention to data on the change in GDP for the U.S. and Canada - the negative data may spur interest-haven currencies, the dollar and the yen.
Thus, the euro may continue to decline to a level that is proud 1.3900, followed by a return to 1.4000 for the pound, support will be at the level of 1.6050, 1.6180 resistance level becomes, the dollar /franc will try to fight off the resistance 1.0550, with a return to 1.0470. Pare dollar /yen is not threatened output in the range of 89.20-90.30.
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