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Possible fall of USD

In spite of low trading activity of investors, traders and Forex signals strategy developers on the market connected with the celebration of Veterans Day in the United States, the situation on the market was changing very actively. Japanese Yen managed to suppress USD greatly (USD/JPY fell down to 89.26) mainly because of the positive news from China and Japan. For example Chinese industrial production has grew for 16,1%(!) in comparison with the same period of the last year. That was to push dollar down not only against JPY, but even EUR and CHF – EUR/USD reached 1.5049 and USD/CHF – 1.0033.

The Bank of England published the report on inflation and then M. King gave his comment on it. The comments turned out to be not very positive like the inflation level itself, so in combination with the negative news on British Claimant Count Rate, GBP began to lose its positions on the market. GBP/USD went down to 1.6534. At the same time EUR/USD returned to the level of 1.4952 by the end of the trading day. USD/JPY was trading around 89.80.

On Thursday, November 12, 2009, the main attention of trading market participants will be drawn to the data on Eurozone industrial production, initial and continuing jobless claims in the USA and info from DOE US Inventories. The American data on jobless claims might turn out to be quite negative according to the predictions, which can bring USD down a little bit. But that won’t make the American currency fall against its main rivals – the British pound and Euro. EUR/USD is expected to fall down to 1.4890 and GBP/USD – to 1.6450.

by Jonathan Halprid
November 12, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
November 11, 2009 Little rise of USD
November 10, 2009 USD correction
November 9, 2009 A calm week.
November 4, 2009 EUR/USD comes back
 
 
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