The U.S. Dollar is getting hit hard at the
midsession.Traders are selling the
Dollar after the government reported a lower than estimated decline in 2nd
Quarter GDP.Todayâ€™s number suggests
that the U.S. economy is closer to a recovery.This is triggering greater demand for higher yielding, higher risk
The GBP USD is the big gainer today.A spike through 1.6585 turned the main trend
to up on the daily chart and triggered a breakout rally.Currently this currency pair is in a position
to challenge the June high at 1.6743.In
addition to the weaker U.S. GDP number, traders are anticipating a change in
the Bank of Englandâ€™s asset buyback policy.
Stronger appetite for risk also triggered a
breakout rally in the EUR USD.For most
of this week, this currency pair has been working on a possible weekly closing
price reversal.Todayâ€™s rally has
exceeded a key retracement zone and has also put this market higher for the
week.The current upside momentum
indicates that this market may be poised to test the high for the year at
1.4337 next week.The only negative
would be a close under 1.4205.
Weaker equity markets and a report showing
the U.S. economy contracted less than estimated is putting pressure on the
USD JPY.This currency pair broke minor
support at 94.95 to 94.72.Downside
momentum is building which could threaten the uptrend if 94.01 is violated.
The USD CAD is testing the low for the week
at 1.0748.Todayâ€™s strong rally in the
Canadian Dollar is being triggered by signs of a recovery in the U.S.
economy and slightly better crude oil.A
late session rally in the equity markets is likely to trigger an even harder
break in the USD CAD into the close.
Increased demand for higher yielding assets
helped rally the AUD USD to a new high for the year.This move negated any talk of a possible
weekly closing price reversal top.
Although the NZD USD has recovered nicely
following yesterdayâ€™s sell-off, this market has not exceeded the high for the
week and could still form a weekly reversal top with a close under .6554.Todayâ€™s upside reaction is to a better than
expected U.S. GDP Report.Longer-term
New Zealand Dollar traders may be focusing on bearish comments from the Reserve
Bank of New Zealand which suggested the central bank is not through cutting interest
rates.This may lead to a late session
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