The U.S. Dollar is trading mixed against
the major currencies at the midsession.The economic news this week has caused a choppy, two-sided trade.Yesterday the Dollar weakened when crude oil
and equity markets rallied sharply higher.Today, equity markets are up slightly on light trading while the energy
markets have had no follow-through rally at all.
The EUR USD is up slightly at the
midsession.Todayâ€™s rally in the equity
markets is helping to renew thoughts of demand for higher risk assets, but
fresh money doesnâ€™t seem to be trying to chase the Euro higher.Traders appear to want more confirmation that
the Euro Zone economy is recovering before committing to the long side in a big
The size of the U.K.
deficit is helping to keep downside pressure on the GBP USD.Traders continue to worry the government will
not be able to fund this deficit.Earlier in the month the market broke when the Bank of England increased
the amount of funding available for its quantitative easing program.Investors should continue to pressure this
market as long as the BoE is printing money and the deficit remains large.
The USD JPY is up slightly on the strength
of the equity markets.Traders seem
ready to use the carry trade again to fund the next rise in equities once they
get a signal that the stock market is ready to blast off.This should keep downside pressure on the
The USD CAD is down at the midsession.This appears to be a delayed reaction to yesterdayâ€™s
rally in the energy and equity markets.Speculators may be buying the Canadian Dollar in anticipation of greater
demand for crude oil when the global economy begins to recover.
Greater demand for higher yielding assets
is supporting the AUD USD and NZD USD.Light volume appears to be limiting gains.These two currency pairs may sell off into
the close if the equity markets weaken ahead of tomorrowâ€™s option expiration.
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