The U.S. Dollar traded sharply higher against most major
foreign currencies before giving back some of the gains into the close.Todayâ€™s bullishness for the Dollar was set
off by an early morning report that showed U.S. consumer sentiment had
declined from the last month.Coupled
with yesterdayâ€™s poor U.S. Retail Sales Report, investors now believe the
recovery in the U.S.
economy will not be as robust as previously thought.
Todayâ€™s bearish report triggered a flight-to-lower yielding
currencies and less demand for higher risk assets.This led to a hard sell-off in the equity
markets early in the trading session.The USD JPY lost ground on Friday and for the week as Japanese investors
repatriated their funds.Earlier in the
week there was speculation that the Japanese were bringing home Treasury
redemptions.Today these investors were
taking money out of the stock market and reinvesting in lower yielding assets
The GBP USD finished lower for the week.The British Pound is still feeling downside
pressure from last weekâ€™s announcement to increase the amount of funds
available for quantitative easing.
The EUR USD managed to close up for the week, but the chart
pattern indicates more downside to follow.Last weekâ€™s technical reversal top was confirmed this week indicating
the start of a two to three week break.This weekâ€™s news that the Euro Zone GDP was better than expected was not
strong enough to sustain a mid-week rally.This indicates that investors do not have confidence in the Euro Zone
mounting a recovery before the U.S.
Weakness in the equity and energy markets along with a
bullish technical pattern on the weekly chart helped the USD CAD gain this
week.The Canadian Dollar should feel more
downside pressure next week if demand for higher risk assets continues to
wane.In addition, last weekâ€™s
unexpected drop in Canadian unemployment is still casting a bearish tone on the
Despite positive commentary from Reserve Bank of Australia
Governor Stevens regarding the economy, the AUD USD was unable to follow-through
on an upside breakout through last weekâ€™s high.Governor Stevens implied that the economy was strong enough to consider
hiking interest rates.Technically, this
market posted a weekly closing price reversal top which is a strong signal for
the start of a 2-3 week break.
The NZD USD was able to post a new high for the year and
close lower for the week.The pressure
will be on this market if demand for higher yielding assets drops next
week.Technically this market is still
in an uptrend so trying to pick at top at current levels is still risky.
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