FX forecast for Mar. 5

- [EUR/USD:] The European currency faces another depreciation wave amid good news for its American rival, Financial Brains director PhD Sveatoslav Mihalache has told Info-Prim Neo. The euro dropped yesterday, almost suddenly, from $1.3680 to $1.3550, after the United States published its macroeconomic indicators, which showed solid growth on all directions. In Europe however, after a number of officials – including European Central Bank chief Jean-Claude Trichet – saluted Greece’s plans to reduce its budget deficit, the skies over the euro became clouded again with the Greek budget-funded employees staging a strike. Today’s meeting of Greek PM George Papandreou with German Chancellor Angela Merkel and a few days later with US President Barack Obama are not promising any immediate action. The Financial Brains will take a chance again and will buy euros for dollars at rates close to the support level, situated like before at $1.3420/40, with a stop-loss slightly below $1.34. [USD/MDL:] The prediction about the slight downward trend of the dollar against the leu proved true. Yesterday the dollar traded on the interbank market at around 12.73 lei, as opposed to +12.80 lei last week. Chances are narrow that the rate will drop under 12.70 lei this week. Today foreign exchange facilities will buy dollars at 12.69 – 12.71 lei and sell at 12.75 – 12.79 lei. [EUR/MDL:] Both the depreciation of the euro internationally and the slight depreciation of the dollar nationally will influence the EUR/MDL pair today: 17.26 – 17.29 lei (bid) and 17.36 – 17.40 lei (ask). For further details visit www.fb.md or www.financialbrains.eu