Gold Continues Sell-off by GoLearn Forex

Global Equity Markets slumped on Tuesday as a wave of poor economic news and lowered rating caught the market off guard.  In Japan, GDP printed less than forecasted, coming in at 1.3%.  Fitch lowered its rating on Greece. In Dubai, the main developer reported a $3.65 billion loss contributing to the market’s woes.  The DJIA finished the session down 104.14 points to close at 10,287.97

The Dollar continued its rally feeding off the poor equity performance as risk aversion remained in firm control.  The DXY closed at 76.31, a level not seen since early November.  Gold continued its selloff as it closed the day down $30 to 1,128.40.  Oil was not far behind finishing the day down $1.31 to 72.62 a barrel.

The BOC left rates unchanged at .25.  In Switzerland, Unemployment printed as expected for November at 4.2%. Later today the RBZ will announce its Interest Rate decision.  They are widely expected to keep rates on hold, currently at 2.5%.  With no relief insight we expect the dollar rally to continue in to today.

Upcoming Forex Events for December 9, 2009

CHF     Unemployment Rate     Actual  4.10% Forecast  4.20%  Previous  4.10%
EUR    German CPI (MoM)    Actual  -0.10% Forecast  -0.20%  Previous  -0.20%
NZD     Interest Rate Decision Forecast  2.50%  Previous  2.50%
AUD    Employment Change Forecast  6.00K  Previous  24.50K