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Little Forex news

The situation on the Forex market on Thursday, November 19, 2009, was quite interesting and developed very fast. Even traders and investors were quite active because of quite an amount of different news and releases. As it had been predicted before, USD suppressed its European rivals and continued long-term recovery. At the same time the British pound kept on going down in little steps, being under the pressure of the news – the retails sales of Great Britain grew only for 0.4% (at least 0.5% growth predicted). Due to that GBP/USD managed to fall on the Forex market to 1.6604.

EUR/USD was falling quite quickly at first, having reached the point of 1.4842. But by the end of the Forex trading day EUR was to do some recovery and to go up to the level of 1.4927. That was the result of the news release from the United States – weekly initial jobless claims turned out to be just the same as in the previous period (505,000) and FRS-Philadelphia manufacturing index was bigger than predicted (16.7 against the prediction of 12.2).

On Friday, November 20, 2009, there won’t be much news to be released. The only data to be paid attention to is the release of German producer price index, which can have the influence on the Forex market. Due to that the continuation of USD Forex recovery is expected. The American currency isn’t likely rise up quickly, but can suppress its rivals a bit. EUR/USD might fall to the point of 1.4850, GBP/USD may make another step down to 1.6570 and USD/JPY is likely to be trading near 88.30.

by Jonathan Halprid
November 20, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
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