Oversold Conditions, Gold Surge Helps Support British Pound Rally
The U.S. Dollar is trading mixed to lower
versus most major currencies at the midsession. Early morning reports out of
were largely absorbed into the market without much fanfare.Thins trading conditions are contributing to
A huge surge in gold is helping to support
a rally in the GBP USD.Technical
factors are also contributing to the rally.The inability to break yesterdayâ€™s low triggered a short-covering rally
as the market ran out of sellers because of oversold conditions.The lack of major players in the market is
helping to drive weaker shorts out.
The EUR USD is trading better this morning
on light volume.Major players may be on
the sidelines ahead of tomorrowâ€™s European Central Bank meeting.A slight recovery in the U.S. stock
market is also contributing to the rally as traders seem to be comfortable
taking on a little more risk today.
The USD JPY continues to trend lower.Japanese bonds are drawing demand which is
helping to boost the Yen.The turnover
in the government this week has also been a contributing factor to the
rally.Gains could be limited if the
Bank of Japan begins to question the rapid rise in the Yen and its effects on
Japanese export growth.
Steady energy and equity prices are helping
to support the Canadian Dollar.Trading
for the most part has been thin and light ahead of Fridayâ€™s U.S. Non-Farm
The AUD USD is trading better this morning
buoyed by the news that the Australian economy grew more than expected.The report showed that Aussie GDP was up
0.6%.Traders attribute this gain to the
positive influence from government stimulus that encouraged consumer spending.This market could remain steady into the
close if the U.S.
equity markets remain stable.
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Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes Mon 25 Dec
00:00 Christmas Holidays
Potential Trading Opportunities
POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.
POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity
POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
John M. Bland, MBA co-founding Partner, Global-View.com
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