The U.S. Dollar is down sharply against the
Japanese Yen at the midsession.The down
move in the USD JPY has been triggered by repatriation by Japanese exporters
and bullish comments from the Japanese Finance Minister.The Japanese government seems to be accepting
the rapid rise in the Yen and is not expected to act to curb its strength.An early comment by the Japanese Finance
Minister said the government would not intervene to curb the rally.
The EUR USD is trading slightly better at
the midsession.The Euro rallied after
the release of a worse than expected U.S. Durable Goods number but has since
retreated to about the midpoint of the day.The earlier rise in the Euro was triggered by thoughts that the U.S. economy
was not as strong as investors have been estimating and that the Fed would have
to keep rates lower for some time.The
key today will be the close.A close
below 1.4710 will reverse the week to down and set up the possibility of a 2 -
3 week decline.
Downside pressure continues to push the GBP
USD lower although short-term indicators show an oversold condition
developing.The British Pound has been
under pressure the last two days because of bearish comments from Bank of England
Governor Mervyn King.In an interview,
King said he favored a weaker currency to help stimulate U.K. exports.
Lower equity markets and weaker crude oil
prices are helping to boost the USD CAD.Canadian Dollar traders are adjusting to the fact that the economy is
likely to take a hard hit because of falling energy prices.
Despite declining demand for higher risk
assets, the AUD USD and NZD USD are trading mixed today.The Aussie Dollar is hovering around
unchanged while the Kiwi is trading better.A close in the Australian Dollar under .8673 will reverse the market to
down on the weekly chart and could trigger the start of a 2 to 3 week
correction.New Zealand Dollar traders
seem to be unfazed by the weakness in demand for higher yielding assets.Although the NZD USD should close higher this
week, it remains vulnerable to a downside correction if commodity and equity
prices continue to fall.
Forex Trading News
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