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Forex: USD may rise up

Yesterday, on Wednesday, USD was suppressed by Euro a little bit, but managed to push GBP down on the Forex market. The main reason for this was the rise of oil price to $80 for a barrel and the historical maximum of the gold price - $1152.40 for a troy ounce. Due to that, the stock indices also went up.

At the same time in spite of all that, EUR/USD didn’t manage to break through the important psychological Forex level of 1.5000, having stopped just at 1.4990. And even James Bullard’s claims, that US FRS will leave the interest rate at small level for quite a long time (till 2012), didn’t help EUR to push bucks down more. It’s considered, that USD may be under the pressure of its main Forex rivals because of low US FRS interest rates, but there are some other factors, that can make the American currency grow quite quickly.

It’s also necessary to admit, that the housing starts in the USD fell down for 10.6% in comparison with the previous month –and turned out to be 529,000 units (600,000 predicted). That news were also to have a negative influence on the price of USD on the Forex market.

Frankly speaking, there isn’t much important news expected this Forex trading week. On Thursday, November 19, 2009, the only important news to be released are M4 Money supply and retail sales in Great Britain and the data on initial jobless claims in the United States. Taking into consideration the previous Forex predictions, it’s logically to say, that EUR/USD can fall down to the level of about 1.4850, GBP/USD might continue the moving to 1.6650.

by Jonathan Halprid
November 19, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
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