07 March 09:43 AM
Forex news, dollar rate. Strengthening of dollar that has lasted for five days signals about fundamental problems awaiting for global economy. US stock market keeps declining for three day in a row.
At the beginning of the week China lowered its prediction of this year’s GDP growth to 7.5%, and on March 06 Reserve Bank of Australia (RBA) worsened its predictions about the development of global economy. Today it was also reported that European loss from Greek default will amount to 1 trn. euro. As a result, investors doubted about the perspectives of global economy, and demand for dollar has risen.
Let us remind that at the end of last week Ben Bernanke, the head of US FRS, expressed an idea that there is no urgent need to start the quantitative easing program Q3 in the nearest future.
According to the experts of Мasterforex-V Trading System, dollar rate is within impulse wave "a(С)/C" of H4 level. Resistance is provided by target points 80.00 and 80.23. In order to change bullish trend sloping channel MF and bearish pivot MF 79.35 are to be passed, and FZR formed.
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The British Pound lost a bit of its value against the US Dollar by 0,65% during last trading week even though the recent UK GDP report came out positive. In particular, the GDP report came out positive, thereby matching analysts expectations at 3,1% in Q2 2014 (y/y).
Today, on July 25th, the common European currency keeps on regaining a little bit of tis value lost against the US Dollar over the last few days. The currency pair is consolidating at this point. Close to the end of the European trading session, EURUSD traded 0,3% higher around 1.3470.
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