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Forex Daily Analysis – December 17th 2008

Trading today is in the shadow of yesterday’s historic rate decision in the USA: a rate of 0.25% is unprecedented in America – Bernanke went for it.

Currently trading is rather calm – the EUR/USD is resting above 1.40, the GBP/USD is flirting with 1.55 and the Yen managed to pull throug – currently at about 88.50.

Other currencies are also holding their gains against the dollar, with the Kiwi making the strongest moves – NZD/USD is now above 0.57.

In Britain, the  Claimant Count Change is at 75.7K, something which hurts the pound. On the other hand, the  Average Earnings Index rose more than expected, 3.3%, but this only marginal. Later in the UK:  CBI Realized Sales which is supposed to have a serious impact on trade.

And in the land of beaten dollar, the  Current Account figure is the star of today, although America doesn’t provide much news today.

In it’s northern neighbor though, the  Wholesale Sales m/m will be closely watched, as also a speech by the  BOC Gov Carney. For those trading on the USD/CAD or other Canadian pairs, today is definitely an interesting day.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.