Forex Zone (Forex Zone)
Czech markets  |  August 09, 2012 10:42:23

China tame inflation

The annual inflation rate in China dropped in July to 30 monthly minimum. The published inflation rate is 1.8%, a further decline from June's 2.2%. Some economists believe that it is now clear that China will this year meet the official inflation target of 4%. We have also argued that the low inflation thus providing additional space for the Chinese central bank to ease monetary policy. Investors' expectations that China could further relax its monetary policy, supported by investor appetite for risky assets.

Yesterday did not bring anything revolutionary to the market. We have seen the next day with very low trading volumes and a lower than average daily range (range). As for trading on the monitored pair EUR / USD, so that according to our expectations and in line with most other risky assets did not bring anything special. After the test before starting prices below U.S. session came to market around the 1.2327 Support to which we warned .

Today at 14:30 will be posted significant macro news from the U.S.. You can bring in significant market movement. Until then, we expect a continuation of the current sideways movement between 1.2420 and 1.2340. Currently the pair EUR / USD traded at 1.2364 price. Under this award we see significant support around 1.2340 and 1.2320 and 1.2282 around. Above we see the current price around major resistance around 1.2420 and 1.2440.

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