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On Wednesday, against all the predictions, the American currency suppressed its European Forex rivals and made them go down pretty fast during the second part of the trading day. But at first it seemed that EUR and GBP were going to bring USD down, which was the result of positive economic news released in Greece – the economics of the country started to improve.

But in the second part of the Forex trading day, after the news releases from the United States of America, which showed the growth of PMI and the reduction of unemployment according to ADP data, the rivals of the USD went down pretty quickly. After reaching the day’s maximum of 1.4025 EUR/USD fell to the point of 1.3892. GBP/USD was also to roll down to the level of 1.5901.

The trading on Thursday, February 04, 2010 is likely to be extremely active. But at the same time the situation on the Forex market can turn out to be quite unpredictable. All market participants will be waiting for the ECB and BoE decisions on their interest rates, which are predicted to remain at the same level, but can be changed in connection with the latest economic and Forex news from Europe. Just after the rate announcement the head of ECB Mr. Trichet will make his speech at monthly news conference.

At this rate it could be admitted, that EUR/USD might continue its downward Forex trend and even break through the point of 1.3800. GBP/USD may also fall down and finish its trading below the point of 1.5800.

by Jonathan Halprid
February 4, 2010
See Forex Analysis and Forex Forecasts for the previous days there:
February 3, 2010 USD goes down
February 2, 2010 USD comes on again!
December 1, 2009 A possible recovery day
January 29, 2010 Negative news brought USD up!
 
 

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