Record Low Interest Rates in U.S. Pressures Dollar
The U.S. Dollar lost ground against all major currencies as
record low U.S.
interest rates encouraged the selling of the Dollar and the buying of higher
yielding assets. Overnight the Dollar firmed until a better than expected U.S.
Weekly Initial Claims Report helped put in a top and set off a gradual decline
throughout the day.
The Dollar was the recipient of additional selling pressure
at about the midsession following a better than expected oil inventory
report.Firm equity markets throughout
trading session were additional signs that investors were demanding higher
Record low interest rates in the U.S. helped boost demand for the
higher yielding EUR USD.Euro bulls are
beginning to believe that the U.S.
may be amongst the slowest nations to move its interest rates higher once the
Early this morning the Bank of England voted to leave its
benchmark interest rate unchanged at 0.50% and its quantitative easing program
untouched.Furthermore, the BoE also
decided to leave the interest rate it pays on reserve bank deposits
Last month the BoE shocked the markets by increasing the
amount of funds available for its asset buyback program.Traders sold off the Pound for about a month
as this was a sign that the economy was still in a perilous position. Since the
BoE did not ask for additional funding today, investors saw this as a sign that
economy may be in a position to begin its recovery.
The USD CAD lost ground today despite efforts by traders to
support this market throughout the day.Buyers finally threw in the towel after a rally in both equity and
energy markets fueled a rally in the Canadian Dollar.Losses were limited; however, as traders are
still expressing concerns that the Bank of Canada may take action to suppress
the rise in the Canadian Dollar.The BoC
is concerned that a rapid rise in the value of the Canadian Dollar will have a
negative effect on Canadian economic growth.
The NZD USD recovered from earlier losses to finish higher.
Overnight the Reserve Bank of New
Zealand voted to leave interest rates
unchanged at 2.5% and also warned that further rate cuts are possible because
of the â€śpatchy recoveryâ€ť taking place.The
firmer equity markets, however, helped turn this market around and erase
earlier losses.The ability to recover
from early selling pressure reflects both demand for higher yielding assets and
investor confidence in New
Zealandâ€™s economy to recover from economic
The RBNZ now believes that additional stimulus may be needed
to fight rising unemployment.News that
exports fell by the most in 58 years was evidence that the rapid rise in the
currency is hurting foreign demand. This
could limit the economic recovery and slow down the rate of appreciation in the
News that Australian employers cut almost twice as many jobs
as economists forecast helped to limit gains in the AUD USD early in the
trading session, but a late rally in U.S. equity markets helped the
Aussie recover and finish higher for the trading session.
This bearish news comes on top of a report earlier in the
week that Aussie retail sales fell.Because
of the weaker than expected economic reports this, traders are now reducing
bets that the Reserve Bank of Australia
will hike interest rates in October. This could limit gains.This market is likely to break once the U.S. stock
markets begin to show signs of weakness.
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