Monday, February 26, 2007

Forex News: 26.02.2007 EUR/USD keeps ascending tendency this week

“The preceding week was not surprise. EUR/USD is traded in rather limited range of 1.31-1.32”, Artem Enshin, NorthFinance financial analyst says.

“From the beginning of the year EUR/USD has been traded below 1.3000. But euro has tended to rise against dollar for two weeks, while last week we observed the highest level 1.3200.

The ascending tendency is to dominate this week too. The upper border of trade will be 1.3250 and the pair won’t go below 1.3100, which indicates that last week’s tendencies keep steady. No substantial change of currencies’ rates is expected.

This week is rich in both US and European data.

On Tuesday durable goods and consumer confidence for the US are published.

The remarkable news of Wednesday is European and German data. Retail sales are expected to change from positive to negative, which may influence EUR/USD, but insignificantly. The Unemployment rate in the euro area is also released on Wednesday.

The traditional Thursday indicators are jobless claims and ISM index in the USA, while on Friday there is Michigan sentiment index, which is expected to slightly rise.

Nevertheless, macroeconomic indicators are not to greatly influence EUR/USD, the pair will be in the determined corridor ”, NorthFinance analyst considers.


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