EUR/USD. Forecast for April 8, 2013
April 8, 2013 9:30 amVideo
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On the whole, Friday’s data on the US was strong and the markets moved upwards. US Trade deficit in February shrank to $43 billion vs. $44.5 billion in January. Non-Farm Employment Change in March was 88K, the lowest for the last 9 months. The unemployment rate fell, 7.6% against 7.7% in February. However, data on Non-Farm Change in February was revised upwardly up to 268K. German factory orders in February grew 2.3% vs. forecast for 1.2%. We consider the investors reacted adequately to the end of the Cypriot crisis which has hold the euro in the oversold condition (despite the drop of stock market indices due to weak Non-Farm Payrolls).
Among the political factors having impact on the markets, the situation on the Korean peninsula comes to the fore. Last week North Korea told countries including Russia and the UK to consider evacuating embassy staff from the capital by April 10, warning that they cannot be protected. South Korean’s national security chief Kim Jang Soo said April 7 the North might stage a provocation including a ballistic missile test on or around April 10. If it happens then the massive purchases of the US dollar will start. Until it the euro manages to grow up to 1.3245.
Among the relevant macroeconomic data Industrial production in Germany in February is published. It is estimated to be 0.4% vs. 0.0% in January. Tomorrow data on German Trade Balance in February is issued and it is expected to expand. The continuation of the euro’s growth is expected. On the H4 the target levels are as follows: 1.2995 (the high of March 18), 1.3026, 1.3048, 1.3074 (the highs of March 5 and March 12), 1.3115, 1.3160 (the high of February 28).
The material has been provided by InstaForex Company – www.instaforex.com
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