The U.S. Dollar plunged to a new low for the year as global
investors aggressively bought higher risk assets such as equities and
commodities.The fact that this buying
took place one day ahead of the Fedâ€™s FOMC meeting indicates that traders have
confidence that the Fed is going to leave interest rates at historically low
levels for some time.
The EUR USD posted a strong gain for the day and close near
the high for the year.Euro traders are
speculating that the U.S. Fed is going to leave interest rates low relative to
the European Central Bankâ€™s benchmark rate.Traders seeking higher yields are taking advantage of this interest rate
GBP USD investors ignored the weak U.K. economy
and the possibility of a new financial crisis and drove the British Pound
higher.Technically oversold conditions
also contributed to the buying spree.The main trend is down and most traders feel this market will have to
build a new support base in order to support a strong rally.Otherwise, the weak fundamentals indicate
that this rally may be short-covering.
Stronger crude oil and equity markets helped drive the USD
CAD lower.Aggressive traders seeking
higher yields on risky commodities such as oil, precious metals and industrial
metals helped drive the Canadian Dollar higher.This is because these markets make a major contribution to the Canadian
Traders seeking higher yields were encouraged to buy the
Japanese Yen over the U.S. Dollar on Tuesday.Continue to look for the USD JPY to weaken as long as U.S. interest
rates remain the lowest in the world.Several weeks ago the U.S.
replaced the Yen as the worldâ€™s funding currency.This trend will not reverse until U.S. rates
Strong demand for higher yields helped boost the New Zealand and
Australian Dollars.Talk that improved
economic conditions may trigger a rate hike by the Reserve Bank of Australia
before the end of the year was also deemed supportive.An improving economy may cause the New Zealand
central bank to scrap its plans to keep interest rates low into 2010.
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Mon 19 Mar 2018 Tue 20 Mar 2018 AA 9:30 GB- CPI A 10:00 DE- ZEW Survey Wed 21 Mar 2018 AA 03:00 AU- Employment AA 9:30 GB- Employment A 12:30 US- Current Account AA 14:00 US- Existing Homes Sales A 14:30 US- EIA Crude A A18:00 US- Fed Rate Decision A 21:00 NZ- RBNZ Rate Decision Thu 22 Mar 2018 AA All Day flash PMIs AA 9:30 GB- Retail Sales AA 12:00 GB- Bank Of England Decision A 13:30 US- Weekly Jobless Fri 23 Mar 2018 AA 12:30 CA- CPI/Retail Sales A 12:30 US- Durable Goods A 14:00 US- New Homes Sales
John M. Bland, MBA co-founding Partner, Global-View.com
Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
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