On December the 2nd, 2009 Forex market once again shown an ascending trend of the european currency. Demand for risky assets has increased again, after Dubai World problem was settled. In particular, the conglomerate has decided to conduct re-structuring of its assets having a total debt equal to 26 bln. dollars. Euro was also supported by quite good macroeconomic data which was published on Tuesday, December the 1st. Thus, in October volumes of retails in Germany in demonstrated growth by 0.5% monthly. Business activity index increased as well in November compared to that in October.
Thus, as a whole, the macroeconomic situation remains substantial mostly owing to government support. Nevertheless, there were some serious problems. The situation on a labour market remains extremely intense, both in the USA, and in Europe. There are also not enough investments into real economy, and growth of the markets which has taken place recently, is purely speculative and does not reflect proper economic recovery.
December 2nd Forex trades shown quiet dynamics, changes in EUR/USD are insignificant.
December 3rd promises to add activity to dynamics of the trades. Today Eurozone GDP for 3 quarter 2009 will be published, which can put some pressure on dollar.
According to the recent data, ADP unemployment in November in the USA numbered 169,000 against forecasted 150,000 which can seriously damage the influence of other data from USA, if so, dollar might soon enjoy slight recovery. However, it is necessary to pay attention to the EU also.