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On Wednesday the releases of different Forex news from all parts of the world didn’t influence very much on the trading situation on the market. Euro-zone PPI in spite of all predictions grew up for 0.2%, but that wasn’t a fact to have big impact on the behavior of trading market Forex participants. Even news from the United States didn’t change the situation.

So, at first EUR/USD was trying to set at the level of 1.5109, but after having failed to do that, during the European Forex session the currency pair went down the market to the point of 1.5028, which turned out to be the minimum of the trading day. GBP/USD, vice versa, started the trading day with fall down to the day’s minimum of 1.6549, but then it managed not only to recover but even to grow very fast and reach the maximum point of 1.6694. The trading Forex day for GBP/USD was finished at 1.6630.

The main news to be admitted on Thursday, December 03, 2009, are the data on changes in Euro-zone retail sales volume & GDP, and of course, the ECB release of interest rate & Mr. Trichet speech on monthly news conference. According to the Forex prediction the interest rate is likely to remain at the same market level of 1.00%.

Due to that the Forex trading on the market can be quite active and unpredictable. EUR/USD is likely to rise up to the level of about 1.5140. GBP/USD may also go up and set at about 1.6750, which means the continuation of the British pound suppressing the bucks.

by Jonathan Halprid
December 3, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
 
 
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