U.S. Dollar Strengthening Against Higher-Yielding Currencies
The EUR USD is trading on both sides of
$1.50 in an effort to establish support above this area.Traders seem a little nervous about chasing
this market through $1.50. Investors fear the European Central Bank may start a
round of ‚Äúverbal interventions‚ÄĚ which could drive aggressive bullish traders
away from the long side of this currency.
Following an initial rally last night, the GBP
USD is now feeling downside pressure.This could be because of overbought conditions.Currently this market is in a position to
post a daily reversal top.The charts
indicate substantial room to the downside with 1.6373 to 1.6530 the next likely
Lower crude oil and stock market is helping
to rally the USD CAD. Earlier in the week, the Bank of Canada expressed
concerns about the value of the Canadian Dollar and its negative effect on the
economy.The main trend is up on the
daily chart.The current chart pattern suggests
a move to 1.0598 to 1.0691 is likely over the short-run.
Both the Australian Dollar and New Zealand
Dollar are feeling selling pressure on speculation that China will put
limits on its stimulus spending.This
could adversely affect exports for both of these countries. Earlier in the week
the Aussie felt pressure because of overbought conditions and news from the
Reserve Bank of Australia
that a 50 basis point rate hike was not in the offing.Look for the start of a short-term break but
not necessarily a change in trend.
The NZD USD could feel pressure today for
the same reason.Losses have been
limited, however, because of the possibility of an interest rate hike sooner
than expected. Look for the start of a correction but not necessarily a change
in trend should this market begin to weaken.
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Mon 12 Mar 2018 A 17:00 US- 3-Yr Auction Tue 13 Mar 2018 A 10:00 DE- ZEW Survey AA 12:30 US- CPI A 17:00 US- 10-Yr Auction Wed 14 Feb 2018 AA 12:30 US- Retail Sales A 12:30 US- PPI A 14:30 US- EIA Crude A 17:00 US- 30-Yr Auction Thu 15 Mar 2018 A 12:30 US- Weekly Jobless A 12:30 US- Philly Fed, Empire PMI A 12:15 US- Industrial Production Fri 16 Mar 2018 A 10:00 EZ- final HICP A 12:30 US- Housing Starts/Permits A 14:00 US- prelim Univ of Mich
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