Forex Zone (Forex Zone)
Czech markets  |  January 04, 2013 10:25:31

Concerns the publication FOMC Minutes


Last night, our time has been published minutes of the FOMC (the Fed committee that decides on interest rates in the U.S.). Writing trailed to boost the economy less than expected, and it showed that QE3 would last until the end of 2013. Soon after the publication of the registration strengthened the U.S. dollar and gold has weakened substantially.

Another interesting report we received from Spain. There seems to inspire in the U.S., a year ago, or two, had reached a similar step. Which? To do this, they used the money from the state fund from which to pay pensions and other social spending.
Americans of their money to fund social spending used to finance the government at the time argued the increase in the debt ceiling for the federal government to fund its operation.

Spaniards according to available information from the buy fund money in government bonds and 65 billion euros, which are in the fund is in bonds "wasted" 90% of the capital. So we'll keep our fingers crossed Spaniards to bond yields kept to a reasonable extent.Otherwise, it would be in the fund could soon be missing the money for social spending state (which would certainly pleased minimum masses of unemployed), or by Spanish Prime Minister Rajoy also had to ask for financial assistance which has repeatedly resisted.

As regards developments in the monitored pair EUR / USD, thus showing structural weaknesses, which we have pointed out before Christmas. In the last 2 days EUR lost it, what strengthened last approximately 3 weeks. Yesterday strengthening USD, after the publication of the FOMC minutes, the euro the "welded".

Today we expect a consolidation day character and probably even a slight corrective movement against the current strong downtrend. Healthy would in our view, was to test the 1.3100 level from the bottom.

It is most likely that the price closes back today in a large trading range, which is formed from the middle of September 2012, which was punctured before Christmas. Boring but not to continue the momentum of prices and, as we wrote on Wednesday, so over a large range held distribution business, which confirms price drop last 2 days.

Medium term, therefore, for us to remain valid script from about mid-December, when we expect to test 1.2900 level and potentially 1.2800. If there was a significant price manipulation, so we might as well wait for low test large margins on the weekly chart (this scenario but currently perceive as unlikely).

We'll see how the situation develops. We'll have the advantage that we will follow, with greater vision than usual, because next week we will be on vacation. Not only will the market still seeks balance, we strive for it too. After sitting in front of your PC, we need a bit of sport. Trade, study and bye week.

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