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A possible recovery day

Last week was marked by the domination of the American currency and active fall down of its European Forex rivals. The British pound, Euro and even the Swiss franc couldn’t resist the suppression of USD, which was mostly caused by the positive news from the United States and negative news from Europe. Almost all market participants (traders, investors, Forex signals providers) were waiting for the situation to change, but it didn’t seem to. Due to that EUR/USD was just falling down throughout all the week without any serious attempts to go up and finished the trading week at 1.3960. At the same time GBP/USD wasn’t falling very actively, but on Friday it managed to reach the point of 1.5981.

On Monday, February 01, 2010, the rivals of USD seem to recover a bit. Investors and Forex signals providers are expecting the positive economic news to come from Europe: the data on German, British and Euro-zone PMI Manufacturing, and the British M4 money supply. At the same time the information on PCE Core and ISM Manufacturing will be released in the United States of America, which can also have influence on the situation on the market and make USD to grow up a bit.

At this rate, EUR/USD is expected to make a little bit of Forex recovery and to rise to the point of 1.3900. GBP/USD is also likely to go up and possibly reach the level of about 1.6000. But the situation can change in a moment because of news releases, which are very important at the moment and awaited by Forex signals developers, traders, brokers and investors.

by Jonathan Halprid
December 1, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
January 29, 2010 Negative news brought USD up!
January 26, 2010 Tuesday on Forex market

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