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The decision of FOMC

On Tuesday the situation on Forex market was quite calm. Everything happened just according to the predictions – USD successfully continued growing up and the main trading rivals of the American currency fell down again even without serious attempts to change the situation. The news from Great Britain appeared to be quite positive, but even that was only to stop a little bit the fall down of GBP/USD. Most of the Forex trading market participants decided to stay aware from risk and not buy high-yield currencies.

Partially that was the result of news from Austria: the 6th largest bank of the country - Hypo Group Alpe Adria was nationalised. And the Austrian government is looking forward to nationalising another bank - Oesterreichische Volksbanken, which is the 4th biggest in the country. Due to that USD continued moving up. EUR/USD fell down to 1.4535 and GBP/USD finished the trading day at 1.6266.

Wednesday, December 16, 2009 is likely to be one of the most active and important days in the month. The point is not in only great amount of Forex news from different parts of the world to be released, but in the FOMC interest rate, which is to be announced today, which will be waited for by all trading market participants and which can turn the situation on the market upside down if is changed. Besides that, the precise Forex data claimant count rate of Great Britain, Euro-zone and US consumer price index, US current account balance, housing starts and building permits are to be released today.

At this rate, EUR/USD is likely to rise a little bit and the fall down again, it’s expected to be trading around the point of 1.4550. At the same time GBP/USD might go down and by the end of the Forex day set at about 1.6230.

by Jonathan Halprid
December 16, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
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