The EUR USD finally poked through the psychological 1.5000
barrier after several attempts failed earlier in the week.Traders took the â€śtoe in the waterâ€ť approach
as this priced was reached because of the fear of a major seller up above.Traders have been reluctant to buy the Euro
at current levels because they fear a verbal intervention by the European
Central Bank.Earlier in the week, the
ECB expressed concerns about the rise in the Euro and its possible detrimental
effects on Euro Zone exports.The price
level is not the problem with this currency; it is excessive volatility that
ECB officials are worried about.
The GBP USD opened higher and accelerated to the upside as
demand for higher yielding assets rose.The initial move in the British Pound was triggered by positive news
from the minutes of the Bank of Englandâ€™s last meeting.The minutes showed that the BoE members were
unanimous in their decision to keep the asset buyback program at current levels.Many traders see this as a sign the program
is working and that additional stimulus may not be necessary.
The USD JPY was positive today.No real news came out to affect this currency
pair.This pair has been in a range for
a few weeks.Conflicting comments
recently from Japanese Finance Minister Fujii have traders a little confused at
this time.Fujii doesnâ€™t mind a higher
Yen as long it is based on sound fundamentals.His main concern is excessive speculation and volatility.
Higher crude oil and equity prices early in the trading
session helped boost the Canadian Dollar.Some of the move was attributed to short-term oversold conditions
following yesterdayâ€™s hard break.The
USD CAD turned the main trend up on the daily chart yesterday.The bottom was put in last week when Canadian
Prime Minister Harper expressed concerns about the rapid rise in the Canadian
Dollar.Yesterday the Bank of Canada
said the rally in the Canadian Dollar offset recent economic gains.The primary issue in this market is
valuation.An overpriced currency is
expected to hurt the economy.These
verbal interventions should serve as a warning to USD CAD bears that the
government is prepared to take action.
Demand for higher yielding currencies helped boost the AUD USD
for most of the day on Wednesday.Higher
equity markets in the U.S.
encouraged traders to once again trade the long side of the Aussie after a two
day setback.Selling pressure has been
on the Australian Dollar since the release of the minutes from the last Reserve
Bank of Australia
meeting showed no evidence of a possible 50 basis point rate hike in
November.Traders had bid up the AUD USD
in anticipation of this hike.The weak
close in the stock market could lead to follow-through selling pressure tonight
and tomorrow.This could encourage
profit-taking in the Aussie.
Positive comments from a key Reserve Bank of New Zealand
official gave the NZD USD a boost today. The RBNZ said that the price of the
New Zealand Dollar will have no effect on whether the central bank raises
rates.This served as a sign that the
RBNZ is perhaps considering raising interest rates sooner than expected.Like the Aussie, this currency is going to
take direction from the U.S.
equity markets.If U.S. markets weaken, then look for
a drop in demand for higher yielding assets and the start of a break in the
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