A rally in U.S.
equity markets fueled by oversold conditions and a surge in M&A activity
helped trigger an intraday break in the Dollar early in the trading
session.Late in the session the Dollar
picked-up some strength as the Dollar finished mixed against most majors by the
There were no major reports today which could have
contributed to the lackluster trade.In
addition, traders may already be positioning themselves for Fridayâ€™s U.S.
Non-Farm Payrolls Report.The Dollar was
strong against the European currencies but a little weaker versus the
The EUR USD finished the day lower but close to the middle
of the dayâ€™s range. Overnight this market felt pressure, but firm U.S. equity
markets since the opening helped to drive up demand for higher yielding assets.In addition, some say traders are beginning
to price in the possibility of a rate hike by the European Central Bank sooner
than later.This could have helped to
Last weekâ€™s weakness in the GBP USD continued during the
early part of todayâ€™s New York session, but the
British Pound gradually gained strength after the U.S. equity markets began to
strengthen. Oversold conditions also contributed to the rally.Gains are likely to be limited since the U.K.
fundamentals and the Bank of England seem to want to push the British Pound
The USD JPY gradually picked up strength throughout the
trading session after a hard spike to the downside.Fundamentally, traders are expected to
continue to take the Japanese Yen higher.The Japanese government appears to be allowing the Yen to rise without
the threat of intervention.Todayâ€™s
technical reversal up could trigger the start of a 2 to 3 day short-covering
rally before the downtrend resumes.
Increased demand for risk helped support the AUD USD.Last weekâ€™s closing price reversal top is
still intact and could help to limit gains. The movement in the equity markets
is likely to dictate the direction in the Aussie.Traders may also be trying to price in the
possibility of an interest rate hike before the end of the year.
The NZD USD is traded flat todayThis market was able to maintain its gains
last week despite the weakness in the equity markets which indicates strong
buying interest.This could be a sign
that traders are building in a possible rate hike.This would be strong speculation as recent
comments by the Reserve Bank of New
Zealand indicate this is unlikely.
Stronger equity markets and firmer crude oil put pressure on
the USD CAD throughout the trading session.Although there was some give back today, the momentum is up and the
market is nearing a potential breakout point at 1.1124.This means that the current weakness is
likely to be limited to one or two days.
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