Late Stock Market Recovery Leads to Mixed Forex Results
A late session rally in U.S. equity markets led to mixed
closes in the Forex market.Despite
several efforts to break the stock market during the trading session, demand
for higher risk assets prevailed by the end of the day sending most major Forex
markets to a higher close.
GBP USD finished higher although selling pressure was
present following a test of 1.70.This
could be an indication that buying may be slowing down at current levels. It
may also mean that traders are reluctant to put on new positions ahead of this
weekâ€™s Bank of England meeting on August 6th.
The EUR USD recovered after an intraday sell-off following a
test of 1.44.At times during the
trading session it appeared that weakening equity markets would trigger a
reversal top in the Euro, but a late session rally in the stock market stopped
the break in the Euro.Trading may be
sideways the next few days as investors may be a little reluctant to put on
major positions ahead of this weekâ€™s European Central Bank meeting on August
The USD CAD posted a closing price reversal bottom.This could indicate the start of a 2-3 day
rally or a 50% retracement of the recent break.Higher equity markets and a flat crude oil seemed to be a non-factor
today.Traders were most likely focusing
on the recent rise in the Canadian Dollar and its possible negative effect on
the Canadian economy especially Canadian exports.
The USD JPY traded mixed today.The choppy two-sided trade in the equity
markets prevented traders from picking a side today.The divergence of this currency pair from the
equity markets could also be a sign that equity markets are nearing a top.
The AUD USD posted a new high for the year following the
news that the Reserve Bank of Australia
decided to leave interest rates unchanged while opening up the possibility of a
rate hike later this year if the economy improves.Todayâ€™s rally seemed labored which is an
indication that demand for higher risk assets may be waning at current levels.
The NZD USD also rallied to a new high this year as appetite
for higher yielding assets continued.Todayâ€™s rally and the news from Australia regarding a future interest
rate hike may have negated last weekâ€™s negative news from the Reserve Bank of
New Zealand regarding a possible interest rate cut if the economy doesnâ€™t start
showing signs of a recovery.
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