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Waiting for the Forex news

On Tuesday in spite of so volatile Forex market the trading appeared to be pretty active. Almost all market participants were not ready to buy high-yield currencies and due to that USD continued going upwards. That tendency was supported by the news from the USA: the number of existing home sales grew for 7.4% in comparison with October. At this rate GBP/USD fell down to the level of 1.5960, having broken through the important psychological level of 1.6000. EUR/USD continued going downwards and finished the trading day at the point of 1.4252.

Wednesday, December 23, 2009 appears to be quite an important day for all Forex trading market participants. Everybody will be waiting for the Bank of England Release Minutes of Interest Rate Decision. If the rate is changed, the market can be turned inside out in a second. Due to that the news on new home sales and PCE core doesn’t seem to be so important. At this rate it could be admitted that EUR/USD is likely to fall down to the point of about 1.4200 and GBP/USD might go down as well and finish the trading around 1.5870.

by Jonathan Halprid
December 23, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
December 18, 2009 Forex signals: active week end
December 17, 2009 Market remains active!
December 16, 2009 The decision of FOMC

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