The U.S. Dollar is under pressure at the
midsession although todayâ€™s weakness is not as bad as yesterdayâ€™s.Record low borrowing costs are contributing
to the weakness in the Dollar and the strength in higher yielding assets.
Investors have been selling the Dollar to fund their appetite for risk.The U.S. Dollar is currently the cheapest
The EUR USD continued its strong rally this
morning despite recent weak economic news.In addition, European Central Bank President Trichet reiterated his
belief that the economic crisis is not over and that financial powers should
develop a strategy to exit from their stimulus plans.
Strength continued in the GBP USD ahead of
tomorrowâ€™s Bank of England announcement.Traders expect the BoE to leave interest rates unchanged.The market moving news will be any new
developments dealing with the BoEâ€™s asset buyback program.Last month the BoE decided to increase the
amount of money available for this program.This news shocked the market and triggered an almost month long decline
in the Pound.
The USD JPY remained weak as investors
continue to seek the higher yielding Japanese Bonds.Todayâ€™s U.S. 10-year auction results could
move this market following the announcement of the results.If yields rose then the Japanese Yen may feel
The USD CAD is trading mixed as the
Canadian Dollar approaches a key resistance area.Traders may be hesitating at this area
because of the previous warnings from the Bank of Canada regarding the rapid
rise in the Canadian Dollar and its negative effect on Canadian exports.
Appetite for risk continued to help boost
the AUD USD and NZD USD despite possible negative fundamental
announced that retail sales were down.This news could cause the Reserve Bank of Australiaâ€™s rate hike to be
postponed until later this year.Gains
have been limited in the NZD USD because of tomorrowâ€™s Reserve Bank of New Zealand
meeting.Traders believe the RBNZ will
leave rates unchanged and may reiterate its desire to keep rates low until
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