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USD Forex recovery!

On Thursday, while USA and Canada were celebrating Thanksgiving Day, the most important trading news came from Dubai (UAE). The creditors were asked to postpone the payment of Dubai World fund to them for 6 months. At first that news was to bring down the British stock index FTSE, which influenced the British pound as well.

Due to that GBP/USD quickly fell to the Forex level of 1.6500. After that EUR/USD went down to the point of 1.4958 and was trading around there. USD/CHF was also to reach the minimum of 1.0069. That was the result of the Forex hearsay, that Swiss National Bank probably did the intervention. At the same time the British pound was to fall down against USD to the minimum of 1.6465, but then to return back and finish the trading day at 1.6500.

On Friday, November 27, 2009, the trading won’t be also quite active like on Thursday, because the American market participants are on holidays in connection with Thanksgiving Day. Due to that the recovery of USD id quite possible. And that recovery can appear to be extremely fast and fatal for investors, having bought high-risky currencies.

At this rate EUR/USD might fall down to the point of 1.4830, GBP/USD is likely to break through the level of 1.6300 and even go down more. By the end of the trading day the situation can become more stable, but the pressure on USD Forex rivals will remain quite strong.

by Jonathan Halprid
November 27, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
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