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Signals Forex: GBP and EUR may fall

According to Forex forecast, on Wednesday GBP and EUR pushed USD down from maximums it reached before. The main point was, that the data on unemployment rate in Germany was quite positive – the number of the unemployed reduced for 12000 (the increase of 20000 was expected), which was a sign of European economy recovery for traders and signals Forex providers. So, EUR/USD went up to 1.4673 and GBP/US - to 1.6125. After the decision of ECB, that the sum to loan to financial organizations will be reduced, CHF began to fall down and soon USD/CHF reached the level of 1.0448.

The open of the American stock markets was began with the fall of indices, which somehow made USD a bit stronger. Signals Forex providers became more active at that moment because and some entered the market buying USD. But news from the United States showed only negative dynamics: ADP Employment Change showed the growth of the number of the unemployed for 254,000 (200,000 expected), Chicago Purchasing Manager Index was 46.1 (52 expected) and the reduction of GDP QoQ (Annualized) was 0.7% (1.2% expected).

As the result EUR/USD rolled down to 1.4573, GBP/USD – to 1.5943, but then the pairs were to move up again and reached the level of 1.4635 and 1.5985. At the same time USD/JPY was around 89.50.

The main news, that should be paid attention to by signals Forex providers and traders are: changes in Retail Sales in Germany, British PMI Manufacturing and Euro-Zone Unemployment Rate. In the USA the data on Initial Jobless Claims, ISM Manufacturing, ISM Prices Paid and Pending Home Sales MoM are to be taken into consideration by all users and providers of signals Forex.

So, EUR/USD is expected to move down to 1.4550, GBP/USD can reach the minimum of 1.5900. USD/JPY may stay between 90.50 and 89.50 and USD/CHF can be staying at the level of 1.0400.

by Jonathan Halprid
October 1, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
September 30, 2009 Important Forex signals news
September 29, 2009 Forex signals: USD rising up
September 25, 2009 Forex signals - GBP crushed down
September 24, 2009 USD - falling down
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