The U.S. Dollar is trading mixed at the
midsession despite weakness in commodity and equity markets.
Early morning weakness in the U.S.
equity markets triggered a break in the EUR USD but the inability to break the
stock markets hard has triggered a short-covering rally in the Euro which has
put it in a position to challenge the high for the week at 1.4447.
News that the Bank of England is
considering putting a temporary halt on its asset buyback program is providing
support for the GBP USD.Unexpected
better results from U.K. Industrial Production and Home Prices Reports helped
fuel a rally to a new high for the week.
The USD CAD confirmed yesterdayâ€™s closing
price reversal bottom at 1.0630 but the follow-through rally was weak.The subsequent sell-off has put this currency
pair in a position to test minor support at 1.0707 to 1.0782.A significant drop in the equity markets late
in the session could put the USD CAD back on its upside path.
Weaker equity markets are encouraging AUD
USD traders to take a little of the top after a significant rally.A lower close today by U.S.
stock markets will form a reversal top which may trigger further weakness in
the Aussie the rest of the week.
Less demand for higher yielding assets and
technically overbought conditions are helping to put downside pressure on the
NZD USD.A late session sell-off in the U.S.
equity markets may trigger a further decline in the Kiwi into the close.
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Tue 17 July 2018 AA 08:30 GB- Employment A 13:15 US- Industrial Production AA 14:00 US-Powell Testimony Wed 18 July 2018 AA 08:30 GB- CPI A 12:30 US- Housing Starts/Permits AA 14:00 US-Powell Testimony Thu 19 July 2018 AA 1:30 AU- Employment AA 08:30 GB- Retail Sales A 14:30 US- EIA Crude A 12:30 US- Weekly Jobless Fri 20 Jun 2018 A 12:30 CA- CPI/Retail Sales
John M. Bland, MBA co-founding Partner, Global-View.com
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