Dollar Weakens on Better Sales of Existing Homes Data
The U.S. Dollar is trading lower at the
midsession against most major Forex markets following the release of better
than expected U.S. Sales of Existing Homes.This report is another sign that the U.S.
economy may be pulling out of the recession.
Last night it looked as if profit-taking in
Europe and Asia would drive the U.S. Dollar higher once the New York session
opened but the release of the number triggered a turnaround thereby weakening
the Dollar once again.The inability of
the equity futures indices to break this market through the overnight lows also
contributed to the weakness in the Dollar as investors once again sought
The GBP USD continued its upward trend this
morning with a test of the 1.70 area.Sellers quickly surfaced which may be a sign that the buying is slowing
down at current levels. Although the main trend is up, gains may be limited
because of the August 6th Bank of England meeting.Traders are expecting the BoE to leave rates
unchanged but to end its asset buyback program.
The EUR USD barely eked out a new high for
the current move before encountering selling pressure.This is a sign that traders are nervous at
current levels.It could be that demand
is waning for higher risk assets because of overbought conditions or
nervousness ahead of the August 6 European Central Bank meeting.Nonetheless, look for choppy, two-sided
trading until either the uptrend resumes or this currency pair retreats to a key
The USD CAD is picking up a little to the
upside this morning.Choppy trading in
both the stock market and energy complex is leading to indecisive trading.Investors could be becoming concerned about
the rapid rise in the Canadian Dollar and its effect on Canadian exports and
The AUD USD made a new high for the year
after the Reserve Bank of Australia
left interest rates alone but hinted that a rate hike is likely should the
economy continue to show signs of improvement.Long traders look nervous at current levels which could be a sign that
this market is overbought.Watch for a
lower close today to signal the start of a two to three day break.
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