Dollar Rises as Equity Markets Weaken into the Close
The U.S. Dollar mounted a strong recovery late in the
trading session as equity markets weakened into the close for the second day in
a row.Trading has been lackluster for
the past few days in the Forex markets highlighted by choppy, two-sided trading
on light volume.
Today the Dollar started out lower but quickly regained a
little strength in mixed trading following the release of two better than
expected U.S. economic reports.Early
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 in a trend that continued throughout the
day into the close.
The EUR USD could not hold on to gains following a firm
early morning session.Another report
showing an improvement in Euro Zone growth helped give this market an early
boost, but the gains were erased throughout the day by the bullish U.S. economic
reports.A sell-off in the equity
markets late in the session finally pushed the Euro lower on the day.
Technically, this market remains in a range of 1.4447 to 1.4045 with the market
basically hugging 50% of this range.
Sell pressure continued to mount against the GBP USD.This currency pair has been in a downtrend
since August 6th 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 growing about
the governmentâ€™s ability to pay-off its debt.The charts indicate plenty of room to the downside.
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.Todayâ€™s weak close in the U.S. equity
markets didnâ€™t help matters as nervous Japanese traders may be pulling money
out of the markets in anticipation of a sizeable break.
The USD CAD is closed higher after trading better most of
the trading session.Lower oil prices
caused traders to lighten up long positions in the Canadian Dollar after a
four-day rally.A shift out of higher
risk assets may lead to another break in the Canadian Dollar over the
The weak close in U.S. equity markets led to weakness
in the higher yielding AUD USD and NZD USD.This could be a sign that appetite for risk is beginning to wane.Despite new highs in the U.S. stock
market over the past week, the Aussie and Kiwi have not followed these markets
higher.This divergence could be an
indication of a major top formation.Furthermore, weakness in China
is being to weigh on these two markets.
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Tue 31 July 2018 AA JP- Bank of Japan A 06:00 DE- Retail Sales A 09:00 EZ- flash HICP/GDP AA 12:30 US- Core PCE Deflator A 14:00 US- CB Consumer Confidence Wed 1 Aug 2018 A Final Mfg PMIs AA 12:15 US- ADP Private Payrolls A 15:00 US- EIA Crude AA 18:00 US- Federal Reserve Decision Thu 2 Aug 2018 AA 11:00 GB- Bank of England Decision A 13:30 US- Weekly Jobless Fri 3 Aug 2018 A Final Services PMIs AA 12:30 US- Employment A 12:30 US/CA- Trade
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