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EUR/USD trading correction

On Tuesday the situation on the Forex market wasn’t good for USD. The American currency lost its positions to Euro and the British pound, having gone down a little bit against those trading rivals. The claim of Dubai World to postpone payment on the loan was considered to be just a local crisis, which had no big influence on Forex trading all over the world.

At this rate, EUR/USD was at first to go down to 1.4970, but then recovered and rose to 1.5117. At the same time GBP/USD was going up pretty fast – the point of 1.6646 was reached by the end of the trading day, which was the result of positive market Forex news released in the United Kingdom of Great Britain and Northern Ireland.

On Wednesday, December 02, 2009 the most important Forex news, which can have impact on the situation on trading market, will be released in The United States: data on oil inventories, Fed’s Beige Book publication and, of course, info on ADP Employment Change. And another news to be taken into consideration is Euro-zone PPI, which can also turn out to have quite important influence on the Forex market and especially the European currency.

Due to that, it can be admitted, that EUR/USD is likely to do a correction and possibly roll down to 1.4950, which can turn out to be another step in USD Forex recovery. At the same time GBP/USD might also show a fall down to the level of about 1.6470.

by Jonathan Halprid
January 1, 1970
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