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Is USD falling again?

On Thursday, October 29, 2009, the rivals of USD managed to stop the recovery of the American currency. All traders and investors were waiting for the data on US GDP, which was predicted to show positive dynamics. And one of the main factors of EUR, GBP and CHF’s rise was the news on unemployment in Germany – the number of unemployed reduced for 26 thousand people. And the news about Lloyd’s bank trying to avoid participation in one of new British government’s projects pushed the British currency up greatly.

Due to that GBP/USD was to reach the maximum level of 1.6603 and finish the trading day at 1.6561. The info about the changes in American GDP (increased for 3.5%)made traders return into “carry trade”, which was also to push USD down. So, EUR/USD went up to 1.4858 and USD/CHF fell down to 1.0166.

On Friday, October 30, 2009, the main attention is to be paid to the news on Retail sales in Germany, British Nat\'wide House prices indices, data on unemployment in Euro-zone and University of Michigan Confidence index.

Due to the predictions, at the end of the trading day EUR/USD is likely to return to the support level at about 1.4750. GBP/USD might continue rising up and set up higher than 1.6650 with the support at 1.6400. USD/CHF may fall down again to 1.0100.

by Jonathan Halprid
October 30, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
October 28, 2009 Probable recovery
October 27, 2009 USD recovers?
October 26, 2009 USD may remain weak
 
 
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