Forex News – 22nd November 2011

EUR

The EUR has benefited from a potential downgrade to The US rating by the end of the month.
Fitch has warned it may revise its US rating into negative as the ‘Super Committee’ failed
to conjure a program to reduce The US deficit.

EUR/USD is on the path of recovery on these news but must overcome the $1.3540 resistnace
in order to maintain its bullish course.

Greek PM Papademos meets EU Juncker in Luxembourg later on today, which may result in some
comments made to the press that may have some impact on the FX market.

Gold

The yellow metal has shed over $45 on news tha France’s AAA credit rating may be at risk,
which lead to a massive selloff in EURUSD, GBPUSD, AUDUSD etc.

As news of a potential revision to US’s rating by Fitch has weakened USD against the majors.
Gold has gained in recent trades by bargain hunters but do not rule out further gains as
a revision to US’s rating (outlook possibly chabged to negative) may lead to sharo gains
in the commodities with Gold and Silver in the lead.

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The review is presented for instructive purposes in condition it will not be the key factor for trading.
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