Friday, June 12, 2009

BNP Fears Pressure on USD

BNP Paribas currency strategies suggest further consolidation of Euro, but so far, however, the bank strategies admit no negative changing in existing appetite to foreign exchange trading. This fact encourages interest to sell the US currency at more attractive price levels.

The bank pays attention to the fact that the negative influence to the US dollar is resulted by the statements of the Russian Bank representatives and other foreign banking officials about their intention to keep on investing in the US federal bonds with benefit to other assets. BNP Paribas`s position is that such a comment gives grounds to anxiety about a possibility of forming quite an essential trend to the diversification of reserves. The bank also admits resumption risks of EUR/USD rise to 1.45.

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