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30/6/2009 - FX Recommends EURUSD Analysis

Discussion in 'Forex Daily News & Outlook' started by fx-recommends, Jun 30, 2009.

  1. fx-recommends

    fx-recommends Content Contributor

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    The single currency has been support by the same reasons versus the suffering greenback to be traded now above 1.41 underpinned by an optimistic consuming confidence figure of June came at -25 from 28 in May and it was expected to get worse to -30 which helped the European stocks in the beginning of this week. Last week the flash release of June PMI manufacturing index which was expected to get better to 40 from 39.6 coming at 40.5 and PMI services index of this same month which was expected to be 45.6 from 45.2 in May coming at 44.5 but these data could not make a major change of the single currency direction last week waiting god willing for this week final releases of EU Manufacturing PMI index which is expected to improve to 42.4 from 40.7 in May and EU PMI Services index of June which is expected to be 44.5 from 44.8 in May. Also it is important this week to wait for the release of EU CPI preliminary release of June which was unchanged in May y/y and the ECB president Mr. Trichet has indicated in his recent press conference after the ECB decision to keep the interest rate unchanged at 1% on the 4th of this month that the ECB is expecting the inflation to be from 0.1% to 0.5% and if we have had negative rates this week this can dampen the single currency. We wait also to see the ECB interest rate decision which is widely expected to be unchanged at 1% and Trichet press conference to know its recent evaluation after its decision last week to extend its lending offering to the European countries to 442Bln Euros for one year in another extra easing decision in which can move current economic recession.
    Best wishes

    FX Consultant
    Walid Salah El Din
    E-Mail: mail@fx-recommends.com
    http://www.fx-recommends.com
     
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