Japanese Yen traders shrugged off discouraging news by the
Bank of Japan and instead focused on the U.S. equity markets for
The BoJ offered no support for the Yen following a rather
pessimistic outlook for the Japanese economy.Japanese interest rates were kept at historically low levels while the
BoJ felt that a turn around in the global economy would not have a
significantly strong effect on the Japanese economy.
The commentary from the BoJ was really no surprise.Investors had been expecting this sort of
news given the recent Japanese economic data.Traders chose today to focus on the U.S. equity markets for
The weak stock market drove Japanese investors out of higher
priced assets and into the lower yielding Yen.Speculators who had borrowed in cheaper Yen to invest in U.S. equity
markets also sold stock positions to pay back loans.
The GBP USD traded mostly sideways today as traders were
reluctant to commit to a sizeable position ahead of tomorrowâ€™s FOMC
meeting.Last weekâ€™s news by the Bank of
England is still weighing on this market.Technically, the developing pattern is bearish with the charts indicating
substantial room to the downside.
The Euro also traded in a tight and narrow range on light
volume.Traders seemed to be taking a
break following two days of weakness.Stronger than expected U.S.
economic numbers are pressuring this market.Traders believe that the U.S.
economy is in a better position to mount a recovery before the Euro Zone.
The USD CAD continued its strong rally.Investors are beginning to believe that the
Canadian economy may not be as strong as the recent rise in the currency
suggested.Last weekâ€™s worse than
expected Canadian unemployment number was a sign that there may be economic
issues brewing.Traders are now
beginning to realize that the recent rally may have been driven solely by
demand for higher risk assets rather than sound economic fundamentals.
Diminishing demand for higher yielding assets helped
pressure the NZD USD and AUD USD on Tuesday.Although these two currency pairs are still in an uptrend, there is
mounting evidence that a break in U.S. equity markets will send these
markets sharply lower.The current chart
pattern suggests that both the Aussie and the Kiwi are in positions to break at
least 50% of the recent rally.
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