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Trading with little news

The beginning of the trading week turned to out to be a bit failure for The American currency. The first reason for that was the rise of Asian and European stock indices, which made the European rivals of USD push it down. European PMI Manufacturing turned out to show positive dynamics and due to that EUR/USD went up to 1.4787 and USD/CHF fell to 1.0207.

Then the data from the United States was also to make USD fall. ISM Manufacturing grew to 55,7 (53 predicted), which was good news for investors. At the same time the Pending Home Sales also grew to 6.1% and that was the factor to bring EUR/USD to 1.4844. But just a pair of hours before the end of the trading day the fall down of American stock indices made EUR/USD return back to 1.4730, USD/JPY to 90.50 and GBP/USD – to the level of about 1.64.

On Tuesday, November 03, 2009, there won’t be much important news, but some of them can influence the situation on the market and trading behaviour of many investors. The attention should be paid to the changes of Factory Orders in the USA (according to the prediction will show positive dynamics) and the decision of RBA on cash target. At this rate it can be expected, that USD will continue its recovery. So, EUR/USD is likely to fall down to 1.4700 and GBP/USD might go down to about 1.6300.

by Jonathan Halprid
November 3, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
November 2, 2009 Economically rich week.
October 30, 2009 Is USD falling again?
October 28, 2009 Probable recovery
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