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Fundamental Analysis and Forex Forecast for September 11, 2009

On Friday all Forex traders will be waiting for the important economic news from the Great Britain and the USA. On the British islands PPI Input and PPI Output data will be published, the news concerning change of volume of stocks in warehouses of wholesale trade and figures of the indicator of confidence from university Michigan will come from the North America. Due to the current tendency for the basic currency pairs the following ranges are expected for today: GBP/USD – 1.655 – 1.675, EUR/USD – 1.450 – 1.465, USD/CHF – 1.030 – 1.045 and USD/JPY – 91.0 – 92.0.

Against all hopes, dollar can’t get out of depression four days in a row. Such Forex tendency has made the American currency vulnerable to negative data. In particular, on Thursday negative figures on balance of foreign trade of the USA have forced dollar to fall even lower. Additional pressure upon the bucks was rendered by evolved share indices of the USA. It has also increased the desire of investors to invest into more highly remunerative currencies. The British and Canadian economy ahowed their stability by the publication of the basic interest rates of the Central Banks: the rates remained just the same - at the level of 0,5% (Britain) and 0,25% (Canada).

The situation on the Forex market is the following. Yesterday GBP/JPY set the maximum again and rised to 1.6685 after having fallen down to day minimum of 1.6479. EUR/USD rised from the day minimum of 1.4501 to the new year’s maximum of 1,4612. And USD/JPY was to fall down to semi-annual minimum, which was 91.41, but then bucks managed to be corrected and went up to 91.75. During the first half of Forex trading day it seemed, that the currency of the USA can show resistance to the Swiss franc, but the day’s maximum of 1,0464 had turned into the year’s minimum of 1,0358.

by Jonathan Halprid
September 11, 2009
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