Investors Using U.S. Dollar for Funding Riskier Assets
The U.S. Dollar finished lower against most major currencies
on Friday as investors continued the trend of funding riskier assets with the
lower yielding Dollar.The Dollar also
took a hit following the release of a better than expected University of Michigan
Confidence Survey.News that Chinaâ€™s industrial output rose
12.3% was also a catalyst contributing to the Dollarâ€™s weakness.
The EUR USD finished slightly lower on Friday but up close
to 2% for the week.Todayâ€™s sell-off was
technically based as this currency pair hit a key retracement level at 1.4622,
encouraging long traders to take profits. Appetite for higher yielding assets
was the primary reason behind the strong surge in the Euro this week.
The GBP USD continued its strong up move today as this
market is basically playing â€ścatch upâ€ť following last monthâ€™s huge
sell-off.Yesterdayâ€™s news that the Bank
of England would leave bank deposit rates unchanged helped fuel todayâ€™s
rally.Despite the current rally, the
Pound should continue to lag the rest of the major currencies until the U.K. economy
turns a corner or the BoE reduces government stimulus.
The USD JPY finished the week on a multi-month low as
traders continued to use the Dollar as a funding currency rather than the
traditional Yen.The current downtrend
could accelerate to the downside now that the important 91.00 support area has
been breached.Unless there is a
dramatic turnaround to the downside in global equity markets, continue to
expect pressure on the USD JPY.
Stronger demand for higher yielding assets helped support
the Canadian Dollar today but gains were limited by the weakness in crude
oil.Selling pressure has been on the
USD CAD for several days but this currency pair has not accelerated to the
downside.Traders are concerned that the
Bank of Canada may take action to quell the Canadian Dollarâ€™s rapid rise
because of its negative effect on the economy.
The AUD USD finished the week at its high for the year, but
closed lower for the day. Increased appetite for risk helped boost the Aussie
but gains were limited by the news this week that retail sales were down as
well as exports.Both of these events
encouraged traders to lighten up positions since the Reserve Bank of Australia was
not likely to raise rates until December.Traders had been buying the Aussie in anticipation of a rate hike in
The NZD USD finished higher for the day and the week buoyed
by stronger appetite for risky assets and perceptions that the New Zealand
economy was poised for a recovery.Earlier in the week, the Reserve Bank of New Zealand left interest rates
unchanged and hinted that additional rate cuts were possible.This threat apparently did not rattle
investors who continued to push prices higher.
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