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Written by Trade Team | 25 November 2009

Market Blog 11-2309

As the Thanksgiving holiday approaches, the financial market will undoubtedly be susceptible to irregular market price swings. In the absence of major participants market movements will now be based on the upcoming reports on the Existing homes sales figures,

Consumer confidence survey, 3rd qtr. GDP report and the minutes from the recent FOMC meeting on policies. Although, other two major markets will be open, we would expect that the continuation of the trend on the US Dollar to move lower probably lower than most analyst expected. There are fresh signals from the Gold market topping the $1,177.60 price levels as fresh new capital still flows into the yellow metal as open interest have shown a steady course in line with the volumes.

Any minor corrections have been limited to profit-taking positions as the end of the month approaches. This bias sentiment will remain both on the Gold commodity as well as the US Dollar versus the other foreign currency majors.

As indicated with the price movements on the GBP/USD and the EUR/USD tracking back upwards. We may finally see a fresh new attempt for the EUR/USD to try to break the 1.5080 levels in the absence of other players in the market. European traders and investors are expected to take the lead and may probably focus on the USD/JPY and USD/CHF since they both have been lagging behind in the market.