The USD/JPY cross is actually currently trading higher by 80 pips today at 90.47. However, against the EUR, the Dollar is trading higher by 150 pips at 1.4855, as we see a sharp correction in the pair’s behavior. The GBP/USD pair is level today at 1.6550, as market volatility seems to have slowed down as late night trading approaches.

As for tomorrow, many impacting economic indicators are expected from the U.S. economy. Traders are advised to pay special attention to two leading indicators, the U.S Trade Balance and Prelim UoM Consumer Sentiment. A positive result from both this indicators might boost the Dollar towards another day of rising trends.

source:  forexyard.com

The economic output of Sweden is predicted to fall by 4.9% this year while growing by 2% in the following year. This is according to the Sweden Ministry of Finance. The previous forecasts were slated to be a contraction of 5.2% for the current year and growth of 0.6% in the following year. Unemployment forecasts were also reduced for next year to 10.7% from 11.4%.

The revised forecasts were followed by strong comments from the Swedish Finance Minister, Anders Borg. Borg would like to see further economic policy enacted to assist in the expansion of the Swedish economy. Along with a government stimulus package and spending on new infrastructure projects, the government is in the position to further cut taxes.

These economic measures bode well for the Swedish economy and in particular the krona. It may explain why traders have bid up the price of the krona in recent trading. As the dollar continues to fall against the major currencies and the Swedish government continues to submit favorable legislation on the part of the economy, being short on the USD/SEK is preferred.

source:  forexyard.com

The greenback also climbed on speculation traders exited bets against the dollar before the U.S. Thanksgiving holiday. Analysts said that risk aversion is back in the markets supporting the greenback and putting pressure on high-yielding currencies like the EUR. In the current environment a weak U.S. Gross Domestic Product (GDP) number weighs on sentiment. Traders are a little more sensitive to sentiment changes because they want to get out of positions ahead of the long U.S. weekend.

The Commerce Department will release its second estimate of 3rd quarter GDP at 13:30 GMT today. The data may show the world’s largest economy expanded at a 2.8% annual rate, compared with the 3.5% estimated last month, according to economists. Traders will keep on eye on the advance estimates on corporate profits to be released together with the GDP report. The U.S. economic data have become more mixed and a further poor U.S. economic data and a general desire to reduce risk ahead of year-end are likely to interact to support the U.S dollar.

The Federal Reserve will also release minutes of its Nov. 3-4 meeting at 19:00 GMT, which will include economic projections for the next two years. Market players will particularly focus on the Fed’s forecasts for unemployment in the U.S.

source:  forexyard.com

9:00 GMT: German Ifo Business Climate

• This indicator reflects the level of a composite index based on surveyed manufacturers, builders, wholesalers, and retailers
• The release of the survey typically creates a volatile trading environment.
• If the results turn out to be lower than forecasts, then the EUR may record a fairly bearish session in today’s trading.

19:00 GMT: FOMC Meeting Minutes

• This meeting is very important as it is very likely to Impact the Dollar volatility.
• Traders are advised to watch closely, as this is likely to set the pace of the dollar going into today’s trading.
• Traders should pay close attention to the market as there is an opportunity for traders to capitalize on the fluctuations which are likely to follow this meeting

source:  forexyard.com

The greenback also climbed on speculation traders exited bets against the dollar before the U.S. Thanksgiving holiday. Analysts said that risk aversion is back in the markets supporting the greenback and putting pressure on high-yielding currencies like the EUR. In the current environment a weak U.S. Gross Domestic Product (GDP) number weighs on sentiment. Traders are a little more sensitive to sentiment changes because they want to get out of positions ahead of the long U.S. weekend.

The Commerce Department will release its second estimate of 3rd quarter GDP at 13:30 GMT today. The data may show the world’s largest economy expanded at a 2.8% annual rate, compared with the 3.5% estimated last month, according to economists. Traders will keep on eye on the advance estimates on corporate profits to be released together with the GDP report. The U.S. economic data have become more mixed and a further poor U.S. economic data and a general desire to reduce risk ahead of year-end are likely to interact to support the U.S dollar.

The Federal Reserve will also release minutes of its Nov. 3-4 meeting at 19:00 GMT, which will include economic projections for the next two years. Market players will particularly focus on the Fed’s forecasts for unemployment in the U.S.

source:  forexyard.com