Forex Zone (Forex Zone)
Czech markets  |  August 02, 2012 09:36:39

What has up his sleeve Super Mario?


Yesterday we wrote that "rather inclined to think that it is not announced a new round of quantitative easing (QE)." We also said that although the S & P is around 1380 points, so "it does not detract from minimal growth and high unemployment U.S. economy . "

Yesterday's FOMC statement disclosurewas marked in exactly that spirit. Fed officials described the economy "slowing somewhat," and reiterated their disappointment with the slow reduction of unemployment in the country. Did not come from any direction, on the extension of low interest rates until the end of 2014. Anyway, we read again that the Fed is ready to support the economy.

Today at 13:45 will be published on the ECB's interest rates. Market expectations are that rates will remain at the current 0.75%. We register but also the views that could reduce the rate by 0.25%. At 14:30 will be press conference of the ECB chief Draghi. This will probably be the most watched event of the week.

As for trading on the monitored pair EUR / USD, so that yesterday was conducted according to our expectations. Most of the day was between 1.2320 and 1.2290, and after publication of the FOMC statement came a sharp fall to 1.2220 level to which since last week's note .

For today it is difficult to form any expectations. The publication of the ECB interest rates, we expect calmer trading between 1.2220 and 1.2280. What happens after the publication, and especially after the press conference, Draghi can not be predicted. In all probability can only be expected to dominate a large market volatility.Support and resistance do not mention now, because if a strong market response may well wait for 200 (or more) pipového movement.

Read also:

Waiting for central bankers





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