The U.S. Dollar had a somewhat volatile day in light
trading.The Dollar opened higher
because of the overnight sell-off in the Chinese equity markets.Traders became risk averse overnight and
decided to shun higher risk assets for the safety of the lower-yielding Dollar
After a better than expected Chicago manufacturing report, the Dollar
reversed course and weakened.Earlier
losses in the September British Pound and September Euro were erased by
mid-session.The September Canadian
Dollar remained under pressure all day because of lower energy and equity
prices as well as the lower than expected Canadian GDP Report.
The Japanese Yen is traded higher all day in keeping with
its strong trend.The Yen received a
boost after a decisive victory by the country‚Äôs opposition party during an
election over the week-end.Japanese
shares dropped following the election and on the weakness in China.These events sent risk adverse Japanese
investors scurrying for protection.The
repatriation helped support the Yen against higher risk assets.
Stronger than expected Japanese manufacturing activity also
helped boost the Yen in addition to better industrial output in July.
The British Pound traded sideways to higher in a lifeless
trade. The news that U.K.
house prices rose for the first time in two years had very little effect on
direction despite being another sign that the economy is mounting a recovery.
Trading was thin because of a U.K.
Weaker equity markets in Asia, Europe and the U.S.
overnight helped to make traders more risk averse, thereby leading to early
selling pressure on the Euro. Losses were limited because of the news that
European consumer prices dropped less than economists forecast in August.This news probably solidified the thought
that the European Central Bank would not consider applying additional stimulus
to the economy.
Higher yielding currencies like the New Zealand and
Australian Dollars flip-flopped after a lower opening on thin trading.Traders had anticipated a further decline in U.S. equity
prices on the opening.When the weakness
in the U.S.
markets faltered, investors quickly bought back the Aussie and the Kiwi.The direction of the equity markets will
dictate the movement in these two pairs.
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