Dollar Being Moved at Midsession by Different Fundamentals
The U.S. Dollar is trading mixed at the
midsession after the release of U.S.
productivity and inventory reports.Productivity grew in the second quarter because employers squeezed more
out of there employees. Inventories fell during the second quarter.An increase in sales helped companies move
excess supply, but it doesnâ€™t appear that new orders were placed to replenish
The GBP USD is erasing some of its recent
loss.Todayâ€™s move appears to be
short-covering after a three-day break and the start of the Fedâ€™s FOMC
reports may be helping to pressure the Pound, but overall it looks as if
traders are content with keeping this currency in a range.
After a sharp selloff, the EUR USD is
posting a modest gain.Profit-taking and
position evening ahead of the Fedâ€™s two-day FOMC are contributing to the
strength.Trading for the most part has
been limited by light volume and volatility.
The hard drop in U.S.
equity markets is putting pressure on the USD JPY.Japanese traders fearful of giving back their
stock market profits are selling equities and repatriating their money.Today the Bank of Japan announced after its
meeting that it doesnâ€™t believe its economic recovery will be very good.
The USD CAD continues to gain upside
momentum for both fundamental and technical reasons.Fundamentally the weaker stock market is
causing traders to dump higher yielding stocks.Technically last weekâ€™s closing price reversal bottom continues to
encourage short-covering and fresh buying as traders are increasing bets the U.S.
economy will recover before the Canadian economy.
The stock market decline is triggering a
sell-off in higher yielding assets such as the AUD USD and NZD USD. For months these two currency pairs have
enjoyed a strong rally while the world demanded risk.Now that the markets are shifting away from
risk, downside pressure is building on both of these markets.
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