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Fundamental Analysis for April 15, 2011

The Fundamental Market Review for April 15, 2011

EUR/USD has been moving in a side diapason, yet, the EUR prospects appear to be brigher. So far the high of 1.4502 was registered for this currency pair with the low remaining at the level of 1.4440. However, the US dollar still lacks the opportunity to strengthen. Hopes for further increase in the interest rates on the part of the European central bank together with constant requests for buying Euro amid falling of Asian central banks and sovereign investment funds are likely to support the Euro at a high rate.

The ongoing debt problems of Portugal, Greece and Ireland serve for investors to remind of real risks related to the single currency. Moody’s rating agency cut the rating of Ireland from Baa3 to Baa1 and left its forecast negative. As the agency representatives inform, on Thursday Greece’s central bank governor George Provopoulos announced that debt restructuring will not be a solution to debt-related problems of the country. He added that Greece should step up reforms. "As I have often stated in the past, debt restructuring is neither necessary nor desirable--as it would create more problems than the ones that it would attempt to solve," Provopoulos said in an interview with Dow Jones Newswires. Member of the ECB's Executive Board Gertrude Tumpel-Gugerell claimed on Friday that the ECB believes in the capability of Greece to continue implementing the consolidation programme and in its ability to implement it without debt restructuring.

Investors expect a rather significant microeconomic statistics to be published today. It is to include the data on the US securities bought by foreigners, net capital inflow and national industrial production.

Performed by Natalia Grigorieva, Analytical expert

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