EUR/USDUSD/JPYGBP/USDUSD/CHF
1.497109.32.08451.1115
Resistance1.4921092.06951.108
1.49108.82.0651.1045
1.4795108.252.061.1025
Support1.477108.152.0531.099
1.475107.32.04851.098

The dollar continued to sell weakening to 1.4871 vs. the Euro and 108.26 vs. the yen.The push of oil toward 100$ a barrel, investors concerns over the affects of the credit crunch and the heath of the US economy pared back exposure of risky trade.

The cheaply borrowed Japanese Yen is used largely by the Carry traders to fund investment in higher yielding assets and currencies. At time of rising volatility and increasing risk the carry traders step out of the market buying back the yen. The negative tone of the equity market also urges the Carry Trade to unwind pushing the yen further.
Risk aversion is dominating the FX market and the trend was set overnight with the fall in global equities," said Matthew Strauss, senior currency strategist at RBC Capital
Markets in Toronto."”Increased concerns about the credit market are not only focused on the U.S., but also globally. That supported the unwinding of carry trades, boosting the yen," he added. Analysts said further sharp currency moves are likely in the near term, with U.S. trading desks shuttered on Thursday for the Thanksgiving holiday and likely to be thinly staffed on Friday. A report showing U.S. consumer sentiment hit a two-year low in November had little immediate impact but added to the sense of longer-term gloom

Pie chart


Today's Economic Events

DateEventCountryPeriodPrevious ForecastSignificanceActual
07:00 GMTGDP Annualized q/qEURQuarterly0.30%0.70%20.70%
08:15 GMTEmployment LevelCHFQuarterly3.7423.87
09:00 GMTCurrent AccountEURSep4.5B4.0B20.6B
09:30 GMTBusiness Investment q/qGBPQuarterly0.40%1.00%30.10%
10:00 GMTIndustrial New Orders m/mEURSep0.30%-0.70%2