Ukrainian Globalist

Euro declines with great speed after reports that the stress tests for banks in the EU were easier than expected. As noted by Citigroup currency analysts, if this information is confirmed, the euro has become an exile in the foreign exchange market. Meanwhile, dealers noted interest in the euro / dollar in the area below 1.2800. The results of stress tests for European banks will be announced this evening.

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BNP Paribas has lowered forecasts for the dollar against the euro against the background of the negative prospects for the U.S. economy made by the Fed, as well as the positive expectation of the results of stress tests of European banks.

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Currency exchange rates remain stable today. Single European currency continues to meet the interest in buying on the decline, but the Bulls still are not rushing to develop counter-attack, and dealers acknowledge the risk of increasing pressure on the couple in the short term, given the nervousness of investors on the eve of the publication of stress tests, especially since the euro is trading not too far from highs of the week.

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According to UniCredit currency analysts, trading the euro / dollar today is still volatile and nervous after the speech of Ben Bernanke and weak auctions of government bonds in anticipation of the euro area long-awaited results of stress tests.

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Currency exchange rates today are stable. Exchange rate euro falls, the pound exchange rate rises above. Foreign currency analyst of Barclays Capital noted that a sharp decline in euro / pound on Wednesday, as well as signals of bearish divergence signals that the recent growth of the pair against the background of the closing of short positions ceased.

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Currency rates are pound oriented today. As noted by Barclays Capital currency analysts, closing short positions on the euro / sterling remained the dominant trend today. Nevertheless, small signals of bearish divergence, which began to appear during the last days – the first evidence that the upward dynamics in a pair dies.

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The future of the euro no longer looks gloomy. According to currency analysts Zuercher Kantonalbank, the forecast for the correctional movement euro / franc, the mark of 1.40 is still in force, despite concerns among investors about the results of stress tests banks of the European Union, which will be known on Friday.

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The collapse of the euro exchange rate has become an unpleasant surprise for UBS. Foreign exchange reserves of the Swiss National Bank fell by more than 14 billion Swiss francs (13.3 billion dollars) in the first half of this year, after the weakening of the euro triggered a reduction in reserves of the Bank. In the second quarter, the central bank lost 5.5 billion Swiss francs, while revenue in the first quarter amounted to 1.5 billion francs.

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Euro exchange rate falls, the dollar will feel much more confident. Single European currency today failed to refrain from falling at the feet of around $ 1.2790 and is now trying to use the bids at around $ 1.2730 to stabilize.

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BNP Paribas and Westpac preference for yen. Given that the upward movement of the euro / yen is likely to be limited, as well as to reduce the risks in the pair dollar / yen, currency analyst at BNP Paribas believes that the risks for the euro / yen, more intensified. Break below 111.80 support level indicates a further reduction in the mark of 110.00.

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