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USD needs recovery!

The main event expected by Forex signals providers and almost all economists was the meeting of Finance Ministers of Big 7 in Istanbul. The participants of the meeting told that the perspectives of improving of the economical situation were very fragile and the level of unemployment was quite high. And few words had been said about the American currency and importance of its recovery and stability, because the big fall of USD can easily crush the world economy down.

In spite of that USD continued falling down against its all main rivals, except the British pound. At first GBP/USD rose to the level of 1.6000, but then returned back to 1.5933. EUR pushed USD down to 1.4647. At the same time USD/JPY fell to the minimum point of 89.28, but then managed to move back to about 89.50. USD/CHF finished the trading day at 1.0319.

On Tuesday the most important news is to come from the British Isles: the data on Industrial Production and Manufacture production, which can influence the market and Forex signals very strong. At the same time a piece of news will be also heard from the United States: API U.S. Crude Oil Inventories, API U.S. Gasoline Inventories and API U.S. Distillate Inventory.

Due to that EUR/USD might rise up to 1.4730 but then to roll back to about 1.46 under the pressure of news from the USA. At the same time GBP can suppress USD and move back to yesterday’s maximum of about 1.6000 with the help of news, which Forex signals providers expect to be positive for the British currency. The release of Swiss CPI can be a sign to CHF to push USD down, which will bring USD/CHF to about 1.0250 and even lower. USD/JPY is likely to remain between 89.00 and 90.00, which will make some Forex signals providers to leave that currency pair for today because of no possibilities for large profits.

by Jonathan Halprid
October 6, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
October 5, 2009 The week of USD?
October 2, 2009 USD continues growing up!
September 30, 2009 Important Forex signals news
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