The U.S. Dollar firmed a little following
the release of two better than expected U.S. economic reports.This morning it was reported that the
S&P/Case-Shiller Housing Report showed unexpected growth while consumer confidence
rose.Both of these reports helped the
Dollar rebound after early session weakness.Overall, however, trading conditions at the midsession can best be
described as sideways.
The EUR USD is positive at the midsession
but a little off the high.Another
report showing an improvement in the Euro Zone economy helped give this market
an early boost, but some of the gains were washed away by the bullish U.S. economic
reports.Technically, this market
remains in a range of 1.4447 to 1.4045.
Weakness continues to plague the GBP
USD.This currency pair has been in a
downtrend most of the month following the announcement by the Bank of England
to expand its asset-buyback program.The
sizeable government debt is also an issue pressuring this market. Concerns are
mounting about the governmentâ€™s ability to pay-off its debt.
Weakness in the Asian equity markets could
be the catalyst driving the Japanese Yen higher.There is talk that Asian investors may be
unwinding carry trade positions.
The USD CAD is trading better at the
midsession.Lower oil prices could be
causing traders to lighten up long positions in the Canadian Dollar after a
four-day rally.This pair is rapidly
approaching a key area on the charts as traders will soon have to decide to buy
in front of the low for the year at 1.0631 or let the Canadian Dollar continue
to strengthen.The bottom was reached in
early August when the Canadian government surprised traders by announcing a
worse than expected unemployment report.This market may hold the low until at least the next unemployment
Although the U.S. equity markets are trading
higher, the AUD USD is trading lower.This could be a sign that appetite for risk is beginning to wane.The divergence between the higher yielding Australian
and New Zealand Dollars could also be a sign that equity markets are close to a
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