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USD may remain weak

The previous week was marked by continuation of USD’s fall down. For example, EUR/USD has broken through very important psychological level of 1.5000 and finished trading week at 1.5007. GBP/USD was literally thrown down to 1.6300 by the release of data on British GDP. The reduce of 0.4% instead of 0.2% growth, that had been predicted, made the British pound fall. So, at the end of the trading week GBP/USD stopped at 1.6300 – just about the price at the beginning of the week.

Really, the weak position of USD is very good for the American administration, but extremely dangerous for European economy. On Tuesday, October 20, 2009, Henri Guaino declared, that “Euro costing 1.50 USD is the disaster for the European economy and the industrial sector”. But taking into consideration the importance of weak US Dollar for the USA, it can be admitted, that the continuation of buck’s fall down is likely continue that week.

Due to that the main news for Forex signals providers to take into consideration are: the data on Chicago Fed Nat Activity Index, Dallas Fed Manufacture Activity, Consumer Confidence and Richmond Fed Manufacture Index in the USA; the release of Nat\'wide index in Great Britain, the info on unemployment in Germany and the European Union. But the attention of traders should be also drawn to USA GDP changes, data on Retail Sales in Germany and British M4 Money Supply. At the same time the American news releases on the topic of Initial jobless claims and New Home Sales can also turn the situation on the market upside down.

Taking into consideration the pressure, which USD is under at the moment, it can be said that the main currency pairs will be trading between the following levels: the possible target for EUR/USD is 1.5150 with the support at 1.4900, GBP/USD is likely to recover and to set at about 1.6600, USD/CHF might remain at about 1.0000 and USD/JPY may grow up to 93.00.

by Jonathan Halprid
October 26, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
October 23, 2009 USD may rise!
October 22, 2009 The British pound’s rise
October 21, 2009 Is it a recovery?
October 20, 2009 Disaster for USD!
 
 
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