Dollar Called Mixed, Appetite for Risk Continues to Grow
The U.S. Dollar is expected to open lower
against most majors.
The EUR USD is trading higher despite
weaker German wholesale prices.This
shows that traders are more interested in owning higher risk assets and are
paying less attention to economic news.
Look for weakness to continue in the GBP
USD.The fundamentals suggest that U.K.
interest rates should continue to remain low and stimulus plans intact.
The USD JPY is trading higher.Comments from the Bank of Japan suggesting it
is dangerous to short the Dollar at current levels is providing support.
The USD CAD is getting hit hard
overnight.Last week Canadian employment
was reported better than expected.The
strength created by this bullish report is continuing this morning, boosted by
higher equities and energy prices.
Stronger demand for higher yields continues
to drive the NZD USD and AUD USD toward new highs for the year.The Aussie continues to receive support from
speculators anticipating another interest rate hike by the Reserve Bank of Australia in
November.The strength in both of these
markets demonstrates the strong economic recovery taking place in the
Today is a bank holiday in the U.S. Trading
may be thin at times because of the holiday but this condition could lead to
volatile trading.There are no major
reports from the U.S.
today.Tomorrow will be an important day
with Retail Sales, Business Inventories and FOMC Minutes.
The main issue in the markets is the Dollar
and risk appetite.Last week the Dollar
was pounded early as traders were questioning its use as the worldâ€™s reserve
currency.It made a slight comeback late
in the week, boosted by comments from the Fed regarding a tight monetary
Overnight, last weekâ€™s late positive
momentum was erased by a pick-up in demand for risk.Asian and European traders seem positive the
Dollar will continue to weaken and are expected to step up demand for higher
risk assets throughout the week.
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Mon 26 Feb 2018 A 15:00 US- New Homes Sales Tue 27 Feb 2018 A 08:55 DE- Jobless B 13:30 US- Durable Goods A 15:00 US- CB Consumer Confidence A 15:00 US- Pending Homes Sales AA 15:00 US- Powell House Testimony Wed 28 Feb 2018 A 10:00 EZ- flash HICP AA 13:30 US- GDP A 15:30 US- EIA Crude Thu 1 Mar 2018 A All Day final Mfg PMIs A 13:30 US- Weekly Jobless AA 13:30 US- Core PCE Deflator AA 15:00 US- Powell Senate Testimony A 15:30 US- EIA Crude Fri 2 Mar 2018 AA 15:00 US- final Univ of Mich
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