U.S. Dollar Finishes Mixed After Giving Back Some Gains
The U.S. Dollar finished mixed against most major currencies
after erasing early session gains against some markets.Early in the trading session, the Dollar was
up as traders sought safety and lower yields following a report that showed Chinaâ€™s GDP was
less than analyst estimates.Some
traders took this as an indication China was going getting ready to
end its stimulus program early since the GDP report showed the economy was
growing at last yearâ€™s pace.
economic growth report set the early tone for the day, the inability to break
equity markets following yesterdayâ€™s late session sell-off sent
short-scrambling and attracted fresh buying as aggressive investors sought
higher yielding currencies.This caused
a few currencies to close up against the Dollar and a handful to close well off
The EUR USD finished above $1.50 as traders bought the Euro
after an early morning break.Traders
are being careful not to trigger too much volatility in this market so that
they donâ€™t attract the wrath of the European Zone Finance Ministers.Regaining $1.50 after weakening below it
throughout the session is a sign of strength.Look for traders to continue to try to build support above this
psychological price level.As long as
there is demand for higher yielding assets look for the Euro to continue to
The inability to break the equities and better than expected
earnings reports from Travelerâ€™s and McDonaldâ€™s helped the GBP USD erase early
session gains.The main trend is up, but
short-term indicators indicate overbought conditions.Nonetheless, traders continue to drive this
pair higher on optimism that the U.K. economy is recovering from its
recession.Earlier this week, the
minutes of the Bank of England meeting suggested that the BoEâ€™s asset buyback
program is working and is sufficient enough to stimulate the economy out of its
The USD JPY remained firm despite the recovery in the equity
markets.Japanese traders appear to be
nervous about equity prices and may have been paring positions in anticipation
of a break in equities.This means
buying back borrowed Dollars.The chart
indicates the main trend is up with 92.88 to 94.04 the next potential upside
The recovery in the stock market and oil prices helped boost
the Canadian Dollar late in the trading session.Throughout the day the USD CAD was showing
signs of strength due to diminished appetite for higher risk assets, however, a
late session rally in the U.S.
stock market encouraged bullish USD CAD traders to take profits on their recent
gains.The weakness in the Canadian
Dollar is also being attributed to the statement from earlier in the week from
the Bank of Canada that expressed concerns about the rapid rise on the Canadian
Dollar and its negative effect on the economy.Technically, the main trend is up in the USD CAD with 1.0598 to 1.0691
the next likely upside target.
Speculation that China
may begin to cutback on its stimulus spending raised concerns in Australia and New Zealand, sending their
respective currencies lower.Aussie and
Kiwi traders feel that a change in the spending habits of the Chinese
government may hurt Australian and New Zealand exports.The late session recovery in the U.S. equity
markets helped to pare losses.Traders
should continue to watch for news out of China regarding a tightening of
their stimulus spending.The charts
indicate that the entire rally in the AUD USD and NZD USD was triggered by Chinese
stimulus spending.If they decide to
turn off the money faucet, then speculators may begin to take profits in their
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