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Is USD likely to rise?

One of the main news important for Forex signals providers yesterday was the increase of interest rate by Reserve Bank of Australia from 3.0% to 3.25%. So, Australia was the first country of Big 20 to increase interest rates from the beginning of the economical crisis. That is the sign of improvement and stabilization of Australian economics – in the first part of the year the GDP increased to 1%. It should be taken into consideration, that Central banks of other countries may follow this example and increase their interest rates as well.

At the same time the fall of USD continued. For example, EUR/USD rose for 100 pips during the first part of the trading day – the day’s maximum was 1.4761, and by the end of the day managed to roll down only to 1.4720. CHF had begun new supression of the American currency and pushed the bucks down – USD/CHF fell to 1.0235, but then recovered to 1.0270. USD/JPY was to reach another 2-day’s minimum – 88.60, having started the trading day at 89.60 and finished it at 88.80.

The only currecny to fall against USD was the British pound. At first it rose up and GBP/USD was again at the level of 1.6000, but then it didn’t managed to continue growing and fell back to 1.5920.

The main news to be taken into considerationfor Wednesday is of course the changes of GDP in EU. But the changes in Factory Orders in Germany, the data on USA energetics and Japanese Current Account Total are also to be taken view of.

Talking about the rages of the main currency pairs it can be admitted, that EUR/USD is finally likely to fall down a bit and reach the level of 1.4650, USD/CHF can rise a little bit to the level of 1.0300, USD/JPY is considered to remain between 88.00 and 89.00, but the GBP/USD can roll down to 1.5850 at first, but then to recover to 1.5950.

by Jonathan Halprid
October 7, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
October 6, 2009 USD needs recovery!
October 5, 2009 The week of USD?
October 2, 2009 USD continues growing up!
 
 
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