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USD goes down

On the second Forex trading day of the week the American currency continued going down under the pressure of its main rivals. One of the reasons for that is the low activity of market participants, who are waiting for the decisions of European Central Bank and Bank of England on the interest rates on Thursday and the release of US Nonfarm Payrolls on Friday. The release of this data can be a factor to turn the market inside out, because it can be quite unpredictable. In connection with that many Forex market participant, who are usually quite active, are just waiting for the important new releases.

At this rate it could be admitted, that without the support of positive news announcements, USD lost a bit of its positions. For example, EUR/USD went up to the point of 1.3966, in spite of the fact, that the day’s minimum was 1.3885. GBP/USD also managed to rise and was trading around the point of 1.5975.

Due to that on Wednesday, February 03, 2010, the Forex market participants can expect the continuation of USD fall down. Of course, it won’t be very fast, but it is likely to take place in the middle of the trading week. There are some news to be expected from Europe: the info on Euro-zone PMI services and retail sales, the data on German and British PMI services. At the same time some important releases will be made in the USA: the information on by ADP on unemployment change and DOE US inventories.

So, EUR/USD can be expected to try to reach the very important level of 1.4000, which will be not very easy because of low market activity. GBP/USD might break through 1.6000 and continue going up quickly, supported by good news from the United Kingdom of Great Britain and Northern Ireland.

by Jonathan Halprid
February 3, 2010
See Forex Analysis and Forex Forecasts for the previous days there:
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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