Surprise Drop in Crude Inventories Fuels EUR USD Rally
An unexpected drop in crude oil inventories
send energy prices surging to the upside taking along with it U.S.
equity markets and commodity markets while triggering a break in the U.S.
Dollar. The biggest gainer this morning was the EUR USD.
The EUR USD rallied sharply higher
following the release of bullish EIA data which showed that crude stocks fell
by 8.4 million barrels to 343.6 million barrels.This move renewed demand for higher risk
assets and ignited talk of inflation, thereby weakening the U.S. Dollar.The Euro is trading inside of a range of
1.4447 to 1.4086 for the month.Today‚Äôs
rally is currently testing a key retracement zone at 1.4246 to 1.4293.
The GBP USD reversed an early morning
downtrend and is now trading higher for the day.Early in the trading session the British
Pound was trading sharply lower because of a negative interpretation of the
minutes from the last Bank of England meeting.The shift in sentiment was triggered by the surprise drop in crude oil
inventories.The daily chart indicates
this currency pair may retrace to 1.6658 to 1.6749.
Surging crude oil and equity markets helped
reverse the early session uptrend in the USD CAD.The charts indicate a break to 1.0877 to
1.0819 is likely given the building downside momentum.
The reversal in equity and commodity
markets this morning is leading to greater demand for higher yielding assets
which is triggering rallies in both the AUD USD and NZD USD.The Australian Dollar is currently poised to
retrace to .8316 to .8354.The
short-term break to .6641 following a top at .6884 indicates a possible
retracement in the New Zealand Dollar to .6792 to .6791.
Although talk is circulating that the Swiss
National Bank is poised to take action to stem the rise in its currencies the
USD CHF is plunging today.Recently this
market had been trading inside of a tight and narrow range but today‚Äôs action
has triggered a breakdown to the downside which could mean a test of 1.0563 is
possible over the short-run.
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