IRBIS Analysts do not wait considerable changes in U.S. dollar market of Kazakhstan

/IRBIS, Andrey Tsalyuk, November 25, 05/ - Nothing new happened in passed week at Kazakhstan market of U.S. dollar. It continues to live in side trend or subhorizontal channel of consolidation, "ceiling" of which is technical level of resistance 134.40, and "floor" - support for 133.70. Owing to objective parity between demand for dollar and its offer, rate of American currency from the middle of September make fluctuation movements between these marks. The second decade of November passed under mark of tenge strengthening. However IRBIS specialists are inclined to overestimate potential of this trend, as there is practically nothing "to push the market down". Currency earnings of exporters almost are not perceived on KASE. Main events happen out of stock exchange. But there traders also, to all appearances, cannot realize speculative potential of USD, dropped to minimum. Proof of actuality of consolidation channel borders became trades of Friday, where dollar could strengthen successes of Thursday, and the market - again to return to 134.00 and even to move further. Analyzing results of October and November we may note weak inclination of dollar rate to growth. This inclination is caused by action of several factors: absence of big parcels of currency earnings offer on KASE from exporters, increased need in dollars at the end of the year in conclusion of contracts by importers, growing rate of FRS of USA, and also big interest of the National bank of Kazakhstan in strengthening of dollar positions, than tenge. This interest was told by Anvar Saidenov recently, and, to all appearances, participants of Kazakhstan market react adequately. However while we have not to say about marked striving of the market up. In the opinion of IRBIS specialists, today there are no factors, able to change formed conjuncture. Most probably, the next week will demonstrate the same steady market, where its participants will maintain positional trade, which is not able to give quotations any marked unilateral trend. [2005-11-25]