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Trading won’t be active

On Tuesday the Forex trading turned out to be extremely active, as it had been predicted before. That was the result of big amount of news released and the fast changes in the investors’ behaviour. In the beginning of the trading day the Asian stock indices fell down, which made USD suppress its rival quite fast. For example, EUR/USD fell down to the minimum of 1.4887, GBP/USD reached the point 1.6518, USD/CHF was about 1.0151, but only USD/JPY continues falling down and got to 88.54.

But then the situation on the Forex market completely changed. The release of IFO data on business climate index in Germany showed 93.9, which was nice support to the rivals of USD. The American currency began falling down, especially against Euro and Swiss franc. EUR/USD was to return to the level of 1.4964, GBP/USD finished Forex trading day at 1.6580, USD/CHF returned to 1.0075 and USD/JPY was trading between 88.35 – 88.65.

The trading on Wednesday, November 25, 2009 isn’t expected to be very active before the celebration of Thanksgiving Day, when all financial markets will be closed. The main Forex currency pairs are expected to be trading in some rages without great breakouts. But some fast Forex price changes may occur because of low trading volume.

The main Forex news to be taken into consideration is, of course, the release of info on GDP in Britain and data on jobless claims in the USA. Due to that, EUR/USD is likely to rise to about 1.5050, but not to remain there and then get down a bit. GBP/USD might go up to 1.6700 and even break through that point.

by Jonathan Halprid
November 25, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
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