The lack of fresh economic reports today gave traders no
choice but to look at the trend and resume selling pressure on the U.S.
Dollar.The U.S. Dollar resumed its
downtrend from the opening of the New
York trading session after trying to mount a small
comeback late last week.Better than
expected earnings or projections for better earnings in the future helped drive
up equity prices which in turn boosted demand for higher risk assets.Fed Chairman Bernanke said very little today
to boost the Dollar but did say that Washington
is concerned about its drop in value.He
noted that the U.S. faces a
â€śdifficult fiscal situationâ€ť which is said to be the cause behind the lack of
confidence in the U.S.
economy and the Dollar.
The EUR USD is slowly working its way toward the
psychological 1.50 resistance barrier.Traders
are uncertain what will happen if this area is breached.Some feel an acceleration is in order while
others feel that buying will dry up slightly above this level.Euro
Zone finance ministers are meeting in Luxembourg at this time to discuss
the fate of the Euro.Most are expected
to voice concerns about the rapid rise in price and its potential detrimental
effect on Euro Zone exports.No solution
to the problem is expected to be presented, but traders are anticipating some
commentary supporting a stronger Dollar.
The GBP USD started the day lower after a story leaked over
the week-end that the Bank of England was considering expanding its
asset-buyback program.Last week
speculators drove up the Pound as comments from a BoE official hinted that it
would end the program.By midsession,
the British Pound had erased all of its loss and near the close was in position
to close higher.Todayâ€™s action
demonstrates that positive momentum is still present in the market.
Stronger equity prices helped drive up demand for higher
yielding assets.This helped put
pressure on the USD JPY as traders continued to treat the U.S. Dollar as a
funding currency because of low U.S.
interest rates.Traders continue to use
the Dollar as a carry currency because of the Fedâ€™s decision to keep U.S. rates at
the lowest level in the world.
Higher crude oil and equity prices helped boost the Canadian
Dollar.Despite tomorrowâ€™s Bank of
Canada meeting, investors were not reluctant to trade the long side of the
market today.Traders expect the BoC to
leave interest rates unchanged at this meeting but may issue a statement
regarding the time period it expects to begin raising interest rates.Last weekâ€™s lower than expected CPI figure
supports lower rates at this time, but central bank officials will be basing
their long-term outlook on the possibility of a recovery in 2010.
Investors will also be looking for any commentary about the
value of the Canadian Dollar.Last week,
Canadian Prime Minister Harper voiced his concern about the rapid rise in the
currency and its possible adverse effect on the ability of the economy to sustain
its developing recovery.
Increased demand for higher yields helped to drive up the
NZD USD and AUD USD on Monday.Todayâ€™s
strong rallies helped to negate last Fridayâ€™s dramatic closing price reversal
top.Traders are now beginning to speculate
that the Reserve Bank of New Zealand
and the Reserve Bank of Australia
will raise interest rates at their next meetings in November.Some investors are even placing trades in
anticipation of the RBA hiking rates as much as 50 basis points.Strong demand for commodity exports is
expected to keep upside pressure on both of these currency pairs.
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