The U.S. Dollar finished lower against most major
currencies.Todayâ€™s weakness was
triggered by a follow-through rally in the equity markets which led to renewed
interest in higher yielding assets.
The EUR USD finished up on Thursday.Volume was light but traders nonetheless were
interested in the long side of the Euro as U.S. equity market racked up gains
throughout the day.The main trend is
down in this market, but the action the past few days indicates that buying may
be greater than the selling at current levels.
Concerns over the growing U.K. deficit kept downside pressure
on the GBP USD throughout the day.This
currency pair attempted to rally several times along with the other currencies
but each rally was met with selling pressure as some investors focused on the
The stronger stock market renewed interest in the carry
trade, putting downside pressure on the Japanese Yen.A breakout to the upside in the equity
markets over the next few days should trigger fresh buying in the USD JPY.Tomorrow could be a volatile day because of
equity option expiration.
Speculation that a turnaround will lead to greater demand
for energy and a firmer stock market helped fuel the break in the USD CAD.Yesterdayâ€™s news that crude inventories had
dropped helped set off a short-covering rally in the Canadian Dollar.Todayâ€™s action looked as if fresh buying had
Speculators supported the higher yielding AUD USD and NZD
USD in anticipation of an upside breakout of the U.S. stock markets.Although these two currency pairs seem poised
to breakout to the upside, gains could be limited tomorrow because of the U.S. open
expiration.Thin market conditions
coupled with option expiration could lead to wide swings.Aussie and Kiwi traders should watch the
equity markets for direction.
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