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Forex Daily Analysis – Januray 12th 2009

Last week was full with economic data and with sharp moves in the Forex market. This week starts with small moves in the majors, but with significant drops in AUD/USD and NZD/USD.

The ECB’s president, Jean Claude Trichet, will talk and impact the EUR/USD, currently trading at 1.3384.

The British Pound will not receive any economic data. GBP/USD currently at 1.5083. Swiss Franc: USD/CHF now at 1.1177.

Later on today, the  Bank of Canada (BOC) will publish the  Business Outlook Survey, which is a major factor in setting the interest rates. For loonie traders, this is an important report to read.

Federal Reserve Bank of Atlanta President Dennis Lockhart will speak about the dire US economy later today.

For those of you trading on the kiwi, the  NZIER Business Confidence, that closes the day will impact NZD/USD.

All in all, today doesn’t feature too much economic data. Note that the impact of last week’s Non Farm Payrolls, which still makes aftershocks.

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.