The U.S. Dollar overcame a mixed opening in New York to finish
higher for the session.The boost for
the Dollar came from the better than expected 9.6% surge in New Home
Sales.Prior to this report the Dollar was
trading weaker versus the Euro and New Zealand Dollar while posting gains
against the British Pound and Canadian Dollar.
Mixed trading activity in the U.S. equity markets helped pressure
the Australian and New Zealand Dollars.The divergence between these two currency pairs and the U.S. stock
markets could be a sign that trader appetite for risk is waning.Weakness in the Chinese equity markets is
also weighing on the Aussie and Kiwi along with concerns that the Chinese
central bank may impose limits on liquidity.Traders fear this action may curb demand for Australian and New Zealand
Technically the AUD USD remains in an uptrend, but a new
lower top at .8428 has been formed.The
NZD USD is also in an uptrend, but yesterdayâ€™s closing price reversal top was
confirmed.This pattern is usually the
first sign that a major top could be forming.
The USD CAD rallied on Wednesday boosted by lower crude oil
prices.The biggest influence on the
Canadian Dollar today was yesterdayâ€™s comments from a Bank of Canada official
expressing his concerns about the appreciation in the Canadian currency.The BoC fears that a rapid advance in the
Canadian Dollar will threaten economic growth.Traders fear the BoC may take action to curb the advance and are lightening
up positions in a preemptive move.
The USD JPY traded flat today.The inability of the U.S. equity
markets to pick a direction weighed on tradersâ€™ minds today.Lately Japanese investors have been
repatriating their capital because of weakness in the Chinese equity market and
on speculation that U.S.
stock markets may be due for a correction.
The main trend turned down on the daily chart for the GBP
USD when this currency pair crossed under 1.6274.Pressure has been on the British Pound for almost
all month following the decision by the Bank of England on August 6th to expand
its asset buyback program.This sent a
message to traders that the U.K.
economy was still weak.The change in
trend to down is a sign that traders believe the U.K.
economy will lag the U.S.
and Euro Zone in the recovery from the global recession.
After an early surge to the upside after Germany reported a boost in business confidence,
the EUR USD weakened when the U.S.
posted a better than expected gain in new home sales.Although the recent economic news has been
friendly coming out of the Euro Zone, gains have been limited by comments from
the European Central Bank.While Fed
Chairman Bernanke is willing to tout a U.S. economic recovery, the ECB is
warning investors of the potential bumps in the road to recovery.
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