Forex Daily Analysis – Decmber 26th 2008

0

In the wake of Boxing day, the markets opened with a few gaps. Only in Japan, banks continued to work. Today, Wall Street is open, and Christmas is already over, but the volume is expected to be very low. 

Forex traders have little information to listen to. In fact, all the data was already published in Japan earlier today. Household Spending y/y dropped by 0.5%, not as bad as expected. Tokyo Core CPI y/y was inline with expectations: it rose 0.8. These yearly figures aren’t major. Also the Unemployment Rate, that rose to 3.9%, less than 4.0% that was expected, didn’t have much impact.

The major figure of today in Japan was the Prelim Industrial Production m/m – this is a monthly figure – much more relevant. In addition, it fell quite badly – a whopping 8.1%. This was much worse than expecations, which stood at 6.8%.

Although the Prelim Industrial Production  was bad, forex traders didn’t shake the Japanese Yen too much. The USD/JPY is currently at 90.45, trading in a narrow range.

Other than the news from Japan, the dollar weakened in the thin trading: EUR/USD is now at 1.4068, the GBP/USD is at 1.4750, the USD/CHF at 1.0764.

Have a great holiday weekend!

Get the 5 most predictable currency pairs

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.

Comments are closed.