Forex Daily Analysis – December 12th 2008

Posted on December 12, 2008 by Yohay
Filed Under Daily Forex Forecast | Leave a Comment

The big news in the Forex market is the big break of the Japanese Yen below the 90 Yen per dollar mark, as low as 88. This is the lowest level in 13 years. It came hand in hand with a rise this week in oil prices. As ananlyzed here, the strong correlation between oil prices and Yen strength is evident.

The Yen, however, managed to pull back from these low levels, as the price of oil relaxed, back to about $46 a barrell.

Also the British pound made a big move against the dollar, breaking upwards above the 1.50 mark. Contrary to the Euro’s break above 1.30 and up to 1.33, the cable’s break wasn’t persistent, and it dropped back under the psychological 1.50 mark.

But not everybody is making gains against the dollar: The Kiwi, or NZD lost 1.3% against the greenback, after sales data was very disappointing down there.

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