Monday, March 19, 2007

Forex News: 19.03.2007 The week of correction

Last week we evidenced the collapse of dollar rate. Thus, the change of eur/usd was 250 points from 1.3100 to 1.3350. As a result of this leap the pair achieved almost historical maximums, which were registered in December 2006. Artem Enshin, NorthFinance financial analyst observes further developments.

The news, capable of influencing euro/usd are absent, excluding FOMC meeting on kea interest rate, which is most likely to remain unchanged.

The week is promising to be correctional and we may see the pair in the range of 1.3250-1.3350.

Pound sterling also rose last week by 300 points to its maximum 1.9500.

At the oil market there was the substantial decrease of barrel price, by more than $5, to the level of $56.50. In the nearest future the correction to $60/a barrel is expected.

Gold reveals high volatility, but is still traded at $640-660/oz, as in the beginning of the month.

On Tuesday the consumer price index in Great Britain is published. In the preceding month the index was -0.8%, while February index is expected to rise by 0.3%. The index of retail prices in Great Britain is also to rise from -0.5% to 0.5%.

Wednesday is marked by FOMC meeting as well as by the trade balance in Switzerland, which was 1.29bln in the preceding month.

On Thursday it is important to pay attention to retail sales in Great Britain, which are to rise substantially, from -1.8% to 0.6%. Trade balance in the euro area will be also interesting. The index was 2.5bln in December.

On Friday current account in the euro area in January is published. In the preceding month it was 2.3bln euro. Existing home sales in the USA are expected to noticeably fall, to 6.35mln from 6.46mln.


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