Forex Daily Analysis – February 16th 2009

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Forex trading began with news from Japan: GDP in Japan fell by 3.3%, more than expected. This sent USD/JPY up to 91.90. 

In other data from Japan, the Revised Industrial Production fell even more than the preliminary figure, by almost 10% – 9.8%.

These bad figures might have caused BOJ Governor Masaaki Shirakawa to give an unexpected speech in parliament.  He is expected to shed some light on the state of the economy and on the plans of the BOJ.

Apart from Japan, there isn’t much data today. In Britain, the Rightmove HPI rose by 1.2%. GBP/USD is now trading at 1.4222.

Later in the day, monthly Manufacturing Sales will be released in Canada. It’s expected to fall by 5.5%. Foreign Securities Purchases are predicted to fall by 1.7 billion in Canada.

There are more speeches today: FOMC’s Elizabeth Duke, ECB’s Jean Claude Trichet and British MPC member Charles Bean will all talk. Stay tuned…

Tomorrow, there’s more action..

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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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