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USD correction

On Monday, November 9, 2009, the situation on the market wasn’t very good for USD. One of the reasons was that USA FRS remained the interest rate at the same level of 0.25% and data on Unemployment Rate in the United States was quite negative. Due to that trading market participants were not interested in strong USD.

At the same time in Germany the data on Industrial Production showed positive dynamics (2.7% growth instead of 1% predicted). But the oil prices went up again and set at the level of $80 for a barrel. Due to that GBP/USD was to reach the 3-month’s maximum of 1.6842, USD/CHF was trading about 1.0080 and EUR/USD went up to 1.4990.

On Tuesday, November 10, 2009, the most trading market participants are to pay attention to the following news: German info on Consumer Price Index and ZEW Survey and Total Trade Balance of Great Britain. Due to the predictions and expectations, USD may recover and suppress its rivals pretty good. EUR/USD is likely to return to the point of about 1.4900, GBP/USD may fall to 1.6630, USD/CHF may go down to 1.000 and USD/JPY is expected to be trading between 89.50 – 90.50.

by Jonathan Halprid
November 10, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
November 9, 2009 A calm week.
November 4, 2009 EUR/USD comes back
November 3, 2009 Trading with little news
November 2, 2009 Economically rich week.
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