The U.S. Dollar was down on Monday against a basket of
currencies, driven by increased demand for higher risk assets.Todayâ€™s weakness in the Dollar was triggered
by this week-endâ€™s statement by the Group of Seven and a better than expected
U.S. ISM Services Sector Report this morning.
The Group of Seven in a prepared statement, chose to leave
out comments about the value of the Dollar and instead said it was opposed to
â€śexcess volatility and disorderly movementsâ€ť in the Forex markets.
This morning the U.S. ISM Non-Manufacturing Sector Report
was reported better than expected.The
report showed the index rise to 50.9, which was higher than pre-report
estimates of 50 and up from an August figure of 48.4.
Because of the friendly nature of each news event, investors
felt confident about returning to the long side of higher risk, higher yield
The EUR USD posted a strong gain on a combination of demand
for higher yielding assets and technically oversold conditions.
Fundamental factors continued to hurt the GBP USD, but
appetite for higher yielding currencies helped to curtail losses.
The stronger ISM Report helped weaken the USD CAD on the
thought that it would help boost the Canadian economy.Stronger demand for equities and commodities
provided additional support.
The USD JPY traded mixed throughout the trading session but
closed lower by the end of the day.Comments from the Bank of Japan regarding a possible intervention
pressured the Japanese Yen early, but a BoJ official cleared up the matter by
restating that the BoJ would only act against the Yen if speculation became
excessive and price levels unrealistic.
Firm demand for higher yielding assets helped to drive up
the NZD USD and AUD USD.Traders were
also betting heavily that the Reserve Bank of Australia would be the first major
central bank to hike its benchmark interest rate.Investors are speculating that the RBA will
raise interest rates by 0.25% at its meeting tomorrow.
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