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EUR/USD comes back

On Tuesday, as it has been predicted in yesterday’s Forex forecast, the American currency has started the day with enormous rise against its European rivals. The fall down of European stock indices together with reducing of oil prices brought EUR/USD down to 1.4650 in few moments, GBP/USD was thrown down to almost 1.6250. At the same time USD/JPY, vice versa, continued falling and set at about 90.00.

The dollar’s rise up finished after the opening of American stock exchanges. The news about Warren Buffett’s buying Burlington Northern Santa Fe Corp. made investors crazy in buying more risky and high-profitable currencies. This, combined with the rising of gold and oil prices, helped EUR/USD to return to about 1.4700. GBP/USD and USD/JPY returned to the open points.

In spite of quite big number of news on Wednesday, November 04, 2009, the main attention of market participants will be brought to USA FOMC Rate Decision. According to the prediction the rate should remain the same without changes. And the news on ADP Employment Change are also to be taken into consideration. Due to that, EUR/USD may return to about 1.4800 and GBP/USD is likely to go up to the level of 1.6500.

by Jonathan Halprid
November 4, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
November 3, 2009 Trading with little news
November 2, 2009 Economically rich week.
October 30, 2009 Is USD falling again?
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