The U.S. Dollar is feeling downside
pressure across the board from all Forex markets with the exception of the
Japanese Yen as better than expected news from the Euro Zone and the U.K. are
signaling the possibility of an economic recovery.
This morning it was reported that German
investor confidence increased more than expected.This news combined with last weekâ€™s news of
economic growth in France and Germany is leading traders to believe that the Euro Zone is poised to mount
a strong recovery.
U.K. inflation was reported better than expected triggering an early
short-covering rally that has been gaining strength throughout the day.Traders had been expecting inflation to drop
sharply as recent comments from the Bank of England had indicated that it
expected the slow down in the economy to continue.The GBP USD has erased all of yesterdayâ€™s
losses and is currently in a position to retrace several days of weaker trading.
The stronger stock market and general
demand for higher yielding assets is leading to profit-taking in the Japanese
Yen after several days of strength.
Higher energy and stock prices has also
triggered a short-covering rally in the Canadian Dollar. The USD CAD bottomed
the first week in August on weaker than expected Canadian employment news and
has since gained strength because of dropping demand for higher yielding
assets.Today marks the first day in a
week where there are signs of profit-taking.
Higher yielding currencies such as the AUD
USD and NZD USD are trading better this morning as these two markets take back
some of yesterdayâ€™s losses.Fear that
economic issues in China will lead to lower exports in these two countries has been
encouraging profit-taking recently.Resumption
in demand for higher yielding assets lead by a recovery in the equity markets
could trigger a test of recent highs.
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