A better than expected U.S. manufacturing
report, possible global expansion and an hike in construction spending is
helping to increase demand for higher yielding assets at the mid-session.
U.S. traders woke up to reports out of Europe and Asia of an improving
economic picture buoyed by bullish manufacturing reports out of China, the Euro Zone
and of all places the U.K.
These reports sent a message that the
global economy may have bottomed and is now in a position to recover.Traders almost immediately began selling the
U.S. Dollar in a resumption of the trend which started late last week.
One of the biggest movers was the GBP USD
which continued its breakout rally and is now in a position to test a major long-term
retracement level at 1.6644.
The EUR USD also broke out above the June
top at 1.4337.The next upside target is
a .618 retracement of the 52 week range at 1.4622.
The USD CAD continues to feel selling
pressure.Stronger crude oil prices and
the surge in the stock market are helping to boost the Canadian Dollar.This rally is likely to continue unless the
Bank of Canada begins to object to the rapid rise in price.
The rise in equity markets is helping to
support the USD JPY.Appetite for higher
risk assets is up as traders gain confidence in a global economic recovery.
Demand for higher yielding assets is
driving the AUD USD higher.This market
crossed a key long-term retracement price at .8382.Holding above this price will indicate higher
markets to follow.
The NZD USD has recovered nicely following
last weekâ€™s short-term sell-off.This
currency pair crossed a key long-term 50% price at .6553 today.This price must hold as support in order to
support a rally to the next retracement level at .6945.
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