The U.S. Dollar closed lower across the board with no sign
of a let-up in this trend.Last weekâ€™s
mini rally triggered by Bernankeâ€™s comments about a tighter monetary policy
have been erased.
Todayâ€™s FOMC Minutes Report indicated that the Fed was
interested in keeping interest rates low and expanding the mortgage buyback
program.They cited â€śthe cost of the
economy turning out to be weaker than anticipated could be relatively
high.â€ťThis comment means the Fed doesnâ€™t
want to raise rates or end stimulus until they are certain the recovery is
sticking.This was basically another way
to restate what Bernanke said last week when he commented that the Fed would
move toward a tight monetary policy once the economy was on solid ground.The U.S. Dollar spiked lower on the news as
some traders have been speculating that the Fed was looking to put an end to
its easy money programs.
Intervention by other central banks to control the rise in
their currencies may be the only way to combat the fall in the Dollar. The New Zealand,
Japanese, Canadian and Euro Zone central banks have expressed the most concerns
about the rapid rise in their currencies.Can a concerted intervention be in the offing in the near future to
boost the Dollar?
The EUR USD pushed to a new high for the year today.Traders are ignoring weak economic data and
instead are focusing on better times ahead.Yesterdayâ€™s closing price reversal bottom in the GBP USD was confirmed
today.This triggered a surge to the
upside which sent the market beyond a normal retracement level at 1.5911 to
The USD JPY survived a serious threat to accelerate to the
downside by holding a key retracement area at 89.22 to 88.93.It looks as if buyers were waiting inside of
this zone, triggering a late session rally.The Canadian Dollar is also facing the threat of intervention because of
its possible effects on the Canadian economy.Yesterday Canadian Prime Minister Harper expressed concern that the
rapid rise in the Canadian Dollar would lead to a drop in Canadian
exports.Demand for higher yields helped
drive up the AUD USD.In addition, this
currency received support on speculation of greater growth in China.The NZD USD shrugged off talk of a possible
divergence between it and global equity markets and closed in a position to
take out the high for the year at .7453.
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