Dollar Rallies as Employment Report Signals Strengthening Economy
The U.S. Dollar is rallying at the
midsession on the notion that todayâ€™s better than expected U.S. Non-Farm
Payrolls Report is a signal that the U.S. economy will recover from the
recession faster than the rest of the world.
Traders are also gaining confidence that
the U.S. Federal Reserve will be the first central bank to announce a hard date
for the start of an exit from its current easy money policy.
Speculators are also betting that the U.S. will
be the first country to raise interest rates because of the improvement in the
The early in the week rally in the GBP USD
has been erased by the selling pressure these past two days. A break was
triggered yesterday when the Bank of England announced it would increase the
amount of funds available for quantitative easing.The move was accelerated to the downside this
morning following the release of the better than expected U.S.
employment report.Technically this
market is in a position to post a weekly closing price reversal down.
The EUR USD is also in a position to post a
daily reversal down following a rally to a new high for the year earlier this
week.Speculators are betting that the
developing strength in the U.S.
economy will encourage the Fed to begin raising rates before the European
The USD CAD is rallying at the midsession.
Traders are buying the U.S. Dollar in expectation of a strong recovery in the
economy.Canadian Dollar bulls are
ignoring the strong stock market and are instead focusing on the possibility of
an interest rate hike by the Fed or at least the announcement of the start of
an exit strategy at next weekâ€™s Fed meeting.
The AUD USD is under pressure today and may
close lower for the week.This weekly
reversal down could signal the start of a major top.Traders are taking profits after a strong
rally on the notion the Fed may announce the start of an exit strategy or at
least propose a hard date when they will begin hiking interest rates.A hike in U.S.
rates will hurt demand for the higher yielding Aussie Dollar.
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