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Possible EUR and GBP correction

On Thursday, just as it has been predicted in our yesterday’s Forex analysis, USD went up against its main rivals on the currency exchange market. That was connected with the trading news having come from Euro-zone - industrial production grew only for 0.3% (0.5% growth was predicted), and from the USA – the number of initial and continuing jobless claims fell down. And the additional Forex support to USD at the market was provided by fall down of oil prices – on Thursday oil became cheaper for $3 and reached the price of $77 per a barrel. Due to that EUR/USD finished the trading day at 1.4844, GBP/USD went down to 1.6580, USD/CHF rose up to the level of 1.0160 and USD/JPY was trading about 90.40.

On Friday, November 13, 2009, quite a big amount of trading news is expected to be published in Europe. The main attention of traders and Forex signals investors should be paid to the data on GDP of Germany and the whole Euro-zone. Besides that, the trading on Forex market can be influenced by the information coming from the United States, such as news on trade balance and University of Michigan confidence. In connection with that news it can be expected, that EUR/USD might do a bit of correction and rise up to 1.4900, GBP/USD is likely to go upwards to the point of about 1.6700. At the same time USD/CHF may move to 1.0100 and USD/JPY can fall below 90.00.

by Jonathan Halprid
November 13, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
November 12, 2009 Possible fall of USD
November 11, 2009 Little rise of USD
November 10, 2009 USD correction
November 9, 2009 A calm week.
 
 
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