FX forecast for Sept. 16
[EUR/USD:] The euro last night reached a new record high this year on the international currency market. It rose to $1.4685 and is excepted to produce today new surprises, which could change the European common currency's rate in both directions, Financial Brains director, PhD Sveatoslav Mihalache has told Info-Prim Neo.
According to Mihalache, a crucial event that will influence developments on the market is yesterday's statement by the U.S. Federal Reserve head Ben Bernanke, who said that the global recession most probably came to an end. But not everyone received Bernanke's statement with optimism. The multi-billionaire investor Warren Buffett praised the U.S. government's efforts to 'heal' the economy, but stressed that the recovery will be very slow.
The macroeconomic 'menu' today includes: the publication of the consumer price index in Europe; the publication of the current operations balance in the U.S; the U.S. Treasury's report on capital flows; the industrial production volume in the U.S.; the announcement of data about oil stocks; the publication of the U.S. real estate market index, etc.
The coming G-20 summit is also expected to discuss the developments on the currency market. China's huge foreign exchange reserves, which are about 25 times larger than those of the UK, will also have an impact as China does not want a weak dollar.
Financial Brains says the participants in the currency market should now choose an aggressive tactic, in opposition to the market to a certain extent, and sell the euro at rates ranging from $1.4680 to $1.4720.
The graphs show the level of $1.4720, which is the record high reached in December 2008, could be passed and such a moment will be crucial, according to Mihalache.
[EUR/MDL:] The currency exchange facilities in Moldova will buy the euro for 16.24 – 16.28 lei and sell it for 16.38 – 16.35 lei.
[USD/MDL:] 11.14 – 11.16 lei (bid) and 11.22 – 11.24 (ask).
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