The AUD USD posted a strong gain on Wednesday following the
news that the Australian economy grew more than expected.The report showed that Aussie GDP was up
0.6%.Traders attributed this gain to
the positive influence from government stimulus that encouraged consumer
spending.The rally could continue
tomorrow as investors may begin to price in the possibility of a rate hike at
the next central bank meeting on October 6.
News that the Australian economy was growing along with
generally weak U.S.
equity markets helped keep pressure on the NZD USD throughout the day.A break in U.S. stock markets could trigger
weakness in the New Zealand Dollar if demand drops from higher yielding assets.
Oversold technical factors helped boost the GBP USD on
Wednesday.Trading was thin as most
major players remained on the sidelines ahead of this Fridayâ€™s U.S. Nonfarm
Payrolls Report.Fundamentally, yesterdayâ€™s
decline in U.K.
manufacturing sent a signal that the economy is still contracting.This means that the Bank of England is not
likely to announce an ending to its quantitative easing program at its next
meeting on September 10th.
The EUR USD posted a modest gain buoyed mostly by
short-covering on light volume.Traders were
reluctant to take big positions ahead of tomorrowâ€™s European Central Bank
meeting.The ECB is expected to announce
that interest rates will remain at 1.0%.In addition, expect the ECB to say they are encouraged by the recent
reports of growth out of the Euro Zone but still concerned about high
unemployment and low consumer spending.
The USD JPY continued to weaken as the Japanese Yen has now
replaced the Dollar as the main safe haven currency.Attractive yields in Japanese government
bonds have also attracted the attention of global investors.
Weaker equity and energy markets weighed on the Canadian
Dollar on Wednesday.Trading is expected
to remain tight and thin as investors have decided to back away from the
markets until they can get direction following Fridayâ€™s U.S. Unemployment
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