11th May to 15th May 2009 Euro / USD
Posted by admin | Posted in Weekly and Daily Wake up | Posted on 12-05-2009
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The currency market of forex continues to remain at a skeptical note in spite of the rescue plan that has been chalked out to overcome the sudden falls. Till Friday dollar retained the downfall against Euro. Still it can be said that the EUR/USD pair is doing business at a moderately acceptable high but this particular duo should break through the limit of 1.3360 so that it can be said that more upside has been observed. But it is at 1.30 till now. But there lies a great challenge for the Euro in the week ahead. The reason is that ECB is going to decide the interest rates in the coming week itself. The market biggies are not really sure about how Trichet and co will proceed with their shares which has added up to the existing level of confusion. Hence as of now the situation is that Euro is caged within a typical range between 1.31 and 1.33.
For dollar rates the data collected from the Chicago PMI shows much stronger anticipations about the dollar rates and this will surely act as the indicator for the economical changes. In short the economy is trying to come out of the sheer recession and for these positive changes can be expected in the EUR/USD rates with several important events like “US employment report” and “UK interest decisions” influencing it.
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