The U.S. Dollar is finished mixed on light volume as traders
evened up positions ahead of tomorrowâ€™s U.S. Unemployment Report.The Dollar opened weaker against most major
Forex markets this morning but erased losses as the day wore on.Todayâ€™s weaker than expected U.S. ISM
Services Report helped the Dollar regain some of its losses as this report
showed the U.S.
economy was still weak.Some traders
feel that weakness in the services sector will mean that tomorrowâ€™s
unemployment report will show more job losses than estimated.Yesterdayâ€™s ADP employment report was worse
than estimated.This too weighed on
The GBP USD opened up strong but gave back some of its gains
by the close on position evening.This
market has firmed up the last two days because of oversold conditions and a
better than expected U.K. Services Report.
This morning the European Central Bank announced that its
benchmark interest rate would remain at 1.0% as expected. ECB President Trichet
said that the road to recovery would be â€śbumpyâ€ť while explaining why the
central bank is in no hurry to withdraw its emergency stimulus.After an early morning gain, the Euro lost
ground to the Dollar and finished lower.
The close was slightly above a 50% level at 1.4260.Breaking under this level will put the EUR
USD on the bearside of a retracement zone.Basically, this market is trading inside of its August range of 1.4447
The USD CAD finished the day lower.Steady to lower crude oil and a gain in
equity markets helped to support the Canadian Dollar today.Trading was light ahead of tomorrowâ€™s U.S. employment
The USD JPY closed up on the day.Oversold conditions and a firm stock market
helped boost interest in the Dollar after several days of weakness.Positioning evening ahead of tomorrowâ€™s U.S.
Non-Farm Payrolls Report also contributed to the Dollarâ€™s strength.
Currently the Yen is battling the Dollar for safe haven
status.Todayâ€™s weaker than expected U.S.
ISM Services Report helped draw interest back to the Dollar.Tomorrowâ€™s report should trigger a volatile
move in the USD JPY.
Demand was a little stronger today for the higher yielding
NZD USD and AUD USD, but overall these two markets remain rangebound.Yesterday it was reported that the Australian
economy grew more than expected but today a report indicated that the trade
deficit widened.Exports fell and
imports increased because stimulus plans increased domestic demand.Traders are anticipating a rate hike by the
Reserve Bank of Australia
before the end of the year.Tomorrowâ€™s U.S. employment
report will dictate whether traders will renew their quest for higher yielding
currencies or decide that safety is best.
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