Forex Daily Analysis – December 12th 2008

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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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About Author

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.

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