Forex News: 04.04.2007 British pound consolidation against major currencies
“Today CIPS in Great Britain is published and the meeting of BoE on kea interest rate is starting. The Forex market expects rate’s increase, which may accelerate pound rise against major currencies”, Sergey Popov, NorthFinance analyst suggests.ISM in services sector in the USA is also published today. The index is expected to rise, but its unexpected decrease may bring extra pressure on dollar. The release of industrial orders is also significant. Let us remind that last month it declined by 5.6%, which is correlated with seasonal reduction of manufacturing output in connection with New Year and Christmas holidays. The index is expected to rise by 1.9%.
On Thursday there is plenty of news for Great Britain. Of special importance is the index of home prices, published by Halifax. Index increase may support BoE decision to increase interest rate. But the results of BoE meeting will obviously gain major interest.
The major event of the week is the release of nonfarm payrolls in the USA. The index is expected to rise by 40.000 to 137.000. It is also important to remind that statistical data will be published on Good Friday Holiday, when major part of Forex market is closed.
The week is finished with the publication of consumer credit in the USA. The index is expected to fall by 1.1%. Greater reduction will indicate overpriced interest rate and contribute to avalanche-like fall of dollar and euro rise to 1.35-1.37.
posted by Kalin Tasev @ 9:42 AM
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