The US Dollar continues being consolidated | IFCM
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The US Dollar continues being consolidated - 21.11.2011

US Dollar The Us Dollar value on Friday continued consolidation around 78 figure, keeping its growth potential at least up to 80. Debt problems in Europe today will not remain without attention of market participants, but at the same time they who are actively looking for new ideas for their own trading strategies are pretty fed up with this topic. The probability of today movement towards the United States, specifically to the theme of reducing the U S budget deficit is really high. According to unofficial information, the members of the Budget Committee in the U. S. Congress have been unable to agree on methods to reduce the budget deficit. Today is the deadline when the budget committee should get a plan to reduce the budget deficit to the analyze and revise it. The final package of methods to reduce the budget deficit has been submitted to legislators on November 23. According to one of the representatives of the Democratic Party, who preferred to remain unnamed, compromise, Republicans and the Democrats have failed to achieve. Euro Traders still prefer to sell the EUR on its growth, opening short positions each time, when the united currency tries to perform its upward movement. The Friday movement against American currency is another confirmation to this fact – sales at the level 1.36 have quickly got the pair back to 1.35, where the consolidation is continued. Japanese Yen At the end of the week the Japanese yen weakened against major currencies, except for the Kiwi and the US dollar. Lately we found out that the economic growth in the 3rd quarter was better than it was expected. And prices still move in the deflation mode. However, the global economic downturn raises concerns that the Q4 may bring unpleasant surprises. Major trading partners of Japan are not in a really good state for nowadays, and the manufacturing industry of the country is not yet fully recovered from the catastrophe. Pay attention to inflation and trade balance reports this week.
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