Today's Forex Analysis summary.

Forex markets traded mixed on Thursday. Trading was light ahead of the European holiday tomorrow and participants seemed to use the light trading conditions to move the market in both directions.

The Euro closed lower. Some of the weakness was triggered by diminished trader appetite for risk following the topping formation in the stock market caused by the Chrysler bankruptcy.

The British Pound posted a small gain after a sharp rally overnight. The rally in this market was driven primarily by greater trader appetite for risk as economic factors are still indicating a weaker Pound

The strong overnight rally in the equity markets triggered a rally in USD JPY early in the trading session as traders renewed their interest in the carry trade by selling the lower yielding Yen for a chance at better returns in higher priced assets.

The USD CHF posted a strong reversal bottom on Thursday. Traders expressed their concerns about a possible intervention by the Swiss National Bank by going long the Dollar and selling the Swiss Franc

The Australian Dollar made a new high for the year versus the U.S. Dollar on increased trader appetite for risk. This rally failed to attract any new buyers as traders became concerned that the stock market had rallied too much, too soon and that news regarding the bankruptcy at Chrysler would cause investors to become more risk averse.

On Thursday the Reserve Bank of New Zealand cut interest rates by 50 basis points to 2.50% and issued a bearish statement that rates could remain low until 2010 because of continuing weakness in the economy. As long as demand from China and Japan remains down, look for lower New Zealand exports to hurt the economy.

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