Alex Bobrov
Forex news.
Requirements of international credit organizations and recognition of its responsibility for the country’s future force the government of Portugal to reduce budget deficit by means lower expenditure and higher taxes in order to avoid default.
As a result, economic results are far from positive. In particular, unemployment rate has reached 14.8%, and current tendency stipulates further worsening. Average Portuguese, burdened with bank credits and losing their paying capacity, are trying to make agreements about debt restructuring, but then sooner or later recognize their bankruptcy.
Last year the number of personal bankruptcies reached 670 thousand. Over 2000 auctions on disposition of debtors’ property were held in 2011. This beat the record.
At FOREX market EURUSD currency pair is forming H1 wave down, ТР (Turning Point) 1.3317 has not been fully developed yet.
In this case, according to the System of Early Prediction Sub-department of Masterforex-V Trading Academy, 4th sub-wave of correctional downtrend may be forming at lower timeframes.
Alex Bobrov
