Forex

Euro-dollar topchetsya at the same place, in the range of 1.32-1.34,while the general optimism in the markets continues to grow. Todaybarrel mark WTI have cost 57.60 dollars. Yesterday, the Dow Jonesclosed at 1.21% growth in the new 4-month maximum 8512. A U.S. bonds,respectively, fall, returns a 10-year Treasuries has risen to 3.24%(recall that the decision of the Fed early debt redemption at the lastmeeting led to a sharp drop in yield from 3.0% to 2.5%, but since thebond only to lose in price). Do markets have a more significant causefor optimism than the indices of attitudes: data from the agencyyesterday ADP employment in the private sector came noticeably betterthan the forecast decline in employment was only 491 thousand to 742thousand previous Perhaps the vast stage of the fall of U.S. economyalready really behind, but this does not mean that the economy willsoon spread, it can be weakened as long as you want and more, just moreslowly. Although the head of the Fed Bernanke believes that economicgrowth will resume by the end of this year. But we still see no reasonwhy the U.S. economy could start to recover. After all, nothing tostimulate demand in the economy has not yet been done, and unemploymentcontinues to rise. Today is expected to increase the accumulatedapplications for unemployment in the United States on April 26 from6271 thousand to 6350 thousand And on Friday, along with NonfarmPayrolls, which is expected to be -600 thousand, will be published bythe unemployment rate for April, is expected to increase to 8.5% up to8.9%. From these data the current optimism in the market is absurd, butthat is the nature of the market, we have previously predicted thatthere will be growth without serious grounds. Surprising onlyflabbiness euro on such a background, even the pound sterling forseveral weeks, significantly increasing the dollar. Perhaps thesituation will change after today's ECB decision. The market is waitingfor Trichet's words as to whether the ECB will be in one form oranother to run the printing press or not. However, it seems to us thatat the rate of 1% of the quantitative easing to say it is too early,and Trichet is unlikely to say today is something negative for theeuro. We continue to expect growth in the euro to the 1.42 mark beforethe end of May.

Tags: dollars, stable, euros, dow jones, us bonds, money, recovery