FX forecast for May 8

The interventions carried out by Moldova’s central bank in recent days appear to have reached their goal of increasing the liquidity in banks, PhD Sveatoslav Mihalache, the director of the portal Financial Brains, told Info-Prim Neo. Yesterday the US dollar traded on the Moldovan interbank market at 11.25 – 11.30 lei, and today the currency exchange facilities will buy dollars at 11.18 – 11.21 lei and will sell at 11.28 – 11.32 lei. According to Mihalache, there is an upward trend for the euro, stimulated by the European Central Bank’s decision to lower the refinance rate to 1 percent, as well as by the announcement made by ECB President Jean-Claude Trichet that the European Bank would buy some $150 billion worth of bonds. Such news stimulated yesterday the international market, where the EUR-USD parity reached the 1.3470 mark. “This morning the euro was trading at $1.3390, but the tendency indicates it will rise, probably to $1.3550”, said Mihalache, adding: “these tendencies will certainly be felt on the domestic market, too”. The rates for the euro today will be at around 14.90 – 14.95 lei (bid) and 15.05 – 15.15 (ask). “If the tendency predicted by Financial Brains proves right, the rates for the euro will soon reach 15.05 – 15.10 lei, for buying, and 15.35 – 15.40, for selling”, added Mihalache. To follow the developments of the main currency pairs throughout the day visit www.fb.md