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Forex trading active week

That trading week doesn’t seem to be rich in economic news. But the influence of the situation on stock markets and speeches of leading economic specialists.

As it was obvious last trading week, the European politics and economist expect USD going up and American economics recovering. Due to that EUR/USD can’t break through the point of 1.5000, because the investors don’t want to risk too much. But taking into consideration J. Bullard’s words (USA FRS won’t increase interest rates much before 2012) another fall down of USD can be expected.

At the same time, on Wednesday Barney Frank suggested implementing central clearing for operations with currency derivatives, which caused lots of protests of bankers claiming such system to further mew system risk in the financial and Forex system.

Speaking about Forex trading news, it should be admitted, that the data on GDP of the 3rd quarter, home sales, durable goods orders and Minutes of November 4 FOMC Meeting will be released in the USA. At the same time the data on GDP of the 3rd quarter will be released in Germany, Great Britain and European Union as well. And many counties of EU will release PMI, which is to show the complete situation in the EU economics and can turn the situation on the trading market Forex upside down.

According to the Forex analysis, it’s possible to say, that EUR/USD can rise at the beginning of the week and even reach the point of 1.5050, but then the reversal is expected. USD might recover its positions and even push Euro down to 1.4700 or even lower. The British pound can suppress USD and go up to 1.6800 in case of positive data release in Europe (the support level for GBP/USD is situated at 1.6450). USD/CHF may be trading around 1.0100 level and USD/JPY is likely to break through 88.00.

by Jonathan Halprid
November 23, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
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