The U.S. Dollar is down sharply at the
mid-session.The dollar has closed down
three out of the last four sessions and is expected to do so today unless there
is a dramatic recovery. The strong rally in equity markets overnight and this
morning has driven up demand for higher yields as investors have become more
optimistic about a global economic recovery.
As expected the European Central Bank left
its benchmark interest rate unchanged at 1.0%.The ECB is optimistic about an economic recovery, but it may not be as
smooth as desired.In addition the ECB
expressed some concerns about the value of the Euro but is not expected to do
anything about it unless exports are adversely affected.ECB President Trichet said a strong Dollar
policy from the U.S.
The Bank of England also left its benchmark
interest rate unchanged at 0.50 % and left its asset-buyback program
unchanged.The main trend turned up on
the daily chart on a trade through 1.6047 overnight.The next upside target is a 50% price at
1.6117 and an old top at 1.6124.Upside
momentum can push the market through these prices to 1.6200.
Higher energy and equity prices are helping
to weaken the USD CAD.This currency
remains rangebound, but upside momentum is building in the Canadian Dollar
which could send it sharply higher. Traders are a little concerned about how
much higher the Canadian Dollar will be allowed to appreciate before the Bank
of Canada becomes concerns about its adverse effect on exports.
Demand for higher risk is driving up the
NZD USD and AUD USD.Unemployment
surprisingly fell in Australia.This news triggered a huge surge to the
upside in the Aussie as traders are now speculating that the Reserve Bank of Australia will
hike interest rates again before the end of the year.The New Zealand Dollar is up but gains could
be limited following a statement by the Reserve Bank of New Zealand
which expressed concerns about the high price of the currency and its possible
adverse effect on the current economic recovery.
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