EUR/USD (1.2540)
European & US sessions forecast levels: 1.2390/1.2815
Trend Sessions: European: Neutral/Upward
US: Neutral/Downward
Market Focus: 2:45 AM French Consumer Spending, 3:00 AM French Flash
Manufacturing PMI, French Flash Services PMI, 3:30 AM German Flash Services PMI,
German Flash Manufacturing PMI, 4:00 AM Italian Retail Sales, Flash Services
PMI, Flash Manufacturing PMI, 8:00
AM ECB President Trichet Speaks.
Daily
Strategy: The dollar remains strong in spite the expectations for new interest
rates cut. The investors believe that Fed will cut the interest rates with
another 50 bps to 0.5% and in January 2009 will cut the interest rates to
0.00%. The recession deeper as the oil prices fall below $50. The shares
continue to down as majors companies are close to bankruptcy. For
today we are expecting movements into both directions. EUR/USD may rise to
1.2650 and then down again close to the key support at 1.2390.
Forex Forecasts by FS Team
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