The GBP USD continues to fall, following an
unexpected drop in U.K.
3rd Quarter Gross Domestic Product.Today‚Äôs news indicated the U.K. recession worsened as it
extended into its 6th straight quarter.Traders had estimated a rise in GCP by 0.1% while actual results showed
a drop of 0.4%.The charts indicate a
move to 1.6198 is likely before there is any significant turnaround.
The EUR USD has been trading on both sides
of the psychological $1.50 area.Early
today the Euro poked through this area briefly but quickly regained it.Bullish traders are trying to establish
support in this area. Traders are trying to keep the volatility down as well as
the price to appease the European Central Bank members who want to prevent a
rapid rise in the currency.A turnaround
in equities is needed or this currency could drift lower into the close.
The USD CAD continues its march toward the
major retracement zone at 1.0598 to 1.0611.Traders are pressuring the Canadian Dollar after the Bank of Canada said
earlier in the week that the rise in the currency had offset recent positive
economic gains.Traders fear more direct
action by the BoC if the Canadian Dollar gets too strong or if volatility gets
Sellers are pressuring the AUD USD and NZD
USD at the mid-session.Traders are
still trying to assess China‚Äôs
GDP numbers to see if its economy is heating up too much.Some feel that the rapid growth in the
country may encourage the government to end its stimulus program earlier than
expected. Traders in these two currencies fear that a slow down in stimulus
spending will curtail the pace of their country‚Äôs economic recovery.The weakness in the U.S. stock
markets is helping to erode support.Losses could be limited if equity markets turnaround into the close.
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