U.S. Dollar Finishes Lower Following Signs of European Recovery
The U.S. Dollar finished lower on Tuesday following reports
from Europe signaling an economic recovery may
be starting. The EUR USD rebounded after a German investor confidence report
improved more than estimated.This news
combined with last weekâ€™s GDP report showing growth in France and Germany may be enough to ignite the
start of a rally. Despite support from the economic numbers, trader appetite
for higher risk assets has to pick up or this rally will fizzle.
Based on the main range of 1.4447 to 1.4045, look for a
possible retracement to 1.4246 to 1.4293.
A report showing U.K. inflation was better than
expected triggered an early session short-covering rally in the GBP USD that
gained strength throughout the day. Traders
had been looking for inflation to decline based on the recent comments from the
Bank of England
Governor Mervyn King.Lately he has been
hinting that the slow down in the economy would continue.
The GBP USD erased all of yesterdayâ€™s losses and closed in a
position to retrace several days of weaker trading.Based on the main range of 1.7042 to 1.6274,
traders should watch for resistance to form between 1.6658 - 1.6749.
The stronger stock market and general demand for higher
yielding assets led to a profit-taking break in the Japanese Yen after several
days of strength.The charts indicate
the USD JPY is under the influence of two ranges.
The first range is 91.73 to 97.77.This
range created a retracement zone at 94.75 to 94.04.Yesterdayâ€™s low stopped inside this range at
94.20, indicating that buyers may be interested at this level.If 94.20 becomes a short-term bottom then
look for a retracement to 95.98 to 96.41 before selling pressure resumes.A stock market rally is needed to jumpstart
this market to the upside.
Higher energy and stock prices triggered a short-covering
rally in the Canadian Dollar after several days of weakness. 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.Todayâ€™s weakness marks the first day in a
week where there are signs of profit-taking.
The daily chart indicates that the main trend is up with an
upside target at 1.1177.If a short-term
top develops at 1.1124, look for correction back to 1.0877 to 1.0819.
Strength in the equity and commodity markets may have
temporarily stopped the decline in the higher yielding AUD USD and NZD USD.
Todayâ€™s action didnâ€™t erase all of yesterdayâ€™s loss, but did indicate that
these markets could be in a position to retrace at least half of the recent
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Mon 26 Feb 2018 A 15:00 US- New Homes Sales Tue 27 Feb 2018 A 08:55 DE- Jobless B 13:30 US- Durable Goods A 15:00 US- CB Consumer Confidence A 15:00 US- Pending Homes Sales AA 15:00 US- Powell House Testimony Wed 28 Feb 2018 A 10:00 EZ- flash HICP AA 13:30 US- GDP A 15:30 US- EIA Crude Thu 1 Mar 2018 A All Day final Mfg PMIs A 13:30 US- Weekly Jobless AA 13:30 US- Core PCE Deflator AA 15:00 US- Powell Senate Testimony A 15:30 US- EIA Crude Fri 2 Mar 2018 AA 15:00 US- final Univ of Mich
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