The U.S. Dollar is trading higher at the
midsession, boosted by a sharp drop in equity markets.Earlier this morning, Bank of America
reported a huge loss and General Electric weaker earnings.This triggered a sell-off in the currency
markets as demand dropped for higher yielding assets.
The Bank of America news overshadowed a Fed
report which showed U.S.
industrial output expanded last month.In
addition, it was reported this morning by the University of Michigan
that consumer confidence dropped to 69.4 this month from 73.5 in
The Dollar received another boost on the
news that international demand for long-term U.S. financial assets was up in
August following an increase in holdings by Japanese investors.This news was contrary to reports that
foreign investors were beginning to shun U.S. investments because of the
The EUR USD is trading weaker as demand for
higher yielding assets is falling.Traders are also finally reacting to the weaker economic reports from
earlier in the week.The daily chart
indicates the possibility of a reversal top following a close under 1.4967.
Traders are still pressing the GBP USD
higher on speculation the Bank of England will end its asset buyback program
sooner than expected.Based on the
short-term range of 1.7042 to 1.5706, traders should watch for a test of 1.6374
The USD CHF is rallying this morning
following a report which showed weak Swiss retail sales.Traders are paring long positions in the
Swiss Franc as they adjust to the possibility of a weaker economy.
Weaker Canadian CPI data is helping to
boost the USD CAD.Yesterdayâ€™s technical
closing price reversal bottom is also helping to drive prices higher.
News that Japanese investors placed more
funds in U.S. Treasury investments in August is helping the USD JPY move
higher.The longer-term charts indicate
a move to 92.88 to 94.04 is likely.
The outside move reversals in the AUD USD and
NZD USD are strong indications of short-term tops.Both currency pairs are in positions to
reverse the daily charts to down.Profit-taking is leading the break to the downside.Over speculation about interest rate hikes in
New Zealand and Australia next
month may have sent prices too high, too early
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