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September 18, 2009 - USD under the pressure

On Thursday before the beginning of European session, USD was falling down again its main rivals. Japanese Bank left interest rate at the same level, which had a positive influence on Yen. Due to that USD/JPY reached the day’s minimum – 90.49. At the same time EUR was also suppressing dollar and even managed to set the new year’s maximum against USD – 1.4765.

The Swiss bank also made no changes in interest rate and left it at the level of 0.25%. That was a good stimulus for CHF to push USD down. So, USD/CHF had set the minimum level since July 2008 – 1.0273.

The British currency was under the pressure of negative news concerning change of retail sales volume, which have shown negative dynamics. For example, under forecasts change of retail sales volume of should make +0.1 % compared with the previous month. But it appeared, that the volumes remained just the same. So, at the end of the trading day GBP/USD set at the level of 1.6440.

On Friday all traders should pay special attention to Producer Prices Index in Germany, ECB Euro-Zone Current Account SA, and, of course, British M4 Money Supply. In case data across Europe will show positive dynamics, the USD can appear again under the pressure of the European currencies. It is also necessary to remember, that the stock market in case of the growth will also be a factor to push USD down. So, the possible rages of the basic currency pairs for Friday are the following: EUR/USD – 1.4670-1.4800, GBP/USD – 1.6400-1.6580, USD/JPY – 90.20-91.40.

by Jonathan Halprid
September 18, 2009
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