Forex Daily Analysis – December 30th 2008
Daily Look

Forex Daily Analysis – December 30th 2008

The Gaza conflict continues to dominate the news around the world: A ground offensive by Israel is due soon, after Hammas escalated rocket attacks.

The price of oil is certainly moved by the voilence in the middle east. WTI Crude now trades at $40, after reaching $43. Oil prices will shake even more if the Gaza conflict widens.

The  UBS Consumption Indicator in Switzerland was at 0.96. This figure didn’t move the USD/CHF, which now stands at 1.0547.  

In the Eurozone, the yearly  M3 Money Supply grew only 7.8%, less than expectations. Also  Private Loans disapponted with an annual growth of only 7.1%. It didn’t bother the EUR/USD to move a little bit up, currently at 1.4157.

In Britain, the pound shows no sign of recovery. The GBP/USD is now at 1.4503, near rock bottom. GBP is close to parity with EUR, but the move isn’t complete yet. EUR/GBP is at 97.68.

Bigger news today is expected in the United States: The Chicago PMI is expected to show a very low number: 33.0. The  Purchasing Managers’ Index in Chicago is an interesting figure that shows the direction of the economy.

And the bigger survey of the day comes a few minutes afterwards:  CB Consumer Confidence is expected to be at 45.2. It’s a low figure, but not that devestating as the Chicago PMI.

After the  CB Consumer Confidence is published, the markets will relax again, entering the New Years holiday.

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.