Robust U.S. GDP Report Renews Interest in Higher Yielding Currencies
A better than expected U.S. Third Quarter
GDP Report is sending the Dollar sharply lower at the mid-session.The Dollar was trading weaker prior to the
release of the report as many traders thought this weekâ€™s rally was too much,
too soon.The Dollar plunged to the
downside after the report showed a robust increase of 3.5% compared to
pre-report guesses of 3.2%.
Traders are expressing their satisfaction
with the report by renewing their interest in higher yielding assets.This is putting pressure on the Dollar while
increasing demand for equities and commodities.Despite the bullish trend today, many markets are only posting 50%
retracements of the break this week which means they are still vulnerable to
weakness after todayâ€™s euphoria wears off.
Although the GDP number was bullish, it
represents stale data.Some traders feel
that the bullish markets have to close on their highs and follow-through to the
upside tomorrow.Otherwise, the Dollar
may regain control of the short-term trend and erase all of todayâ€™s gains by
The EUR USD is in an uptrend and rallying
strong today.Expectations are for a
test of 1.4873 to 1.4918 before new sellers surface.
The GBP USD is showing strength for the
second day in a row.This is surprising
traders who felt more downside was likely following last weekâ€™s release of a
bearish U.K. GDP number.Many traders
had been looking for lower markets in anticipation of increased quantitative
easing by the Bank of England.The
strong rally today has taken out a minor retracement zone and now has this
market in a position to test the recent top at 1.6691.
The Dollar is gaining ground against the
Japanese Yen at the mid-session.The bullish
GDP number helped turnaround the USD JPY which came close to turning the trend
down after yesterdayâ€™s huge sell-off.Look for the USD JPY to take a run at 91.28 to 91.53 over the short-run.
The USD CHF is retracing most of this
weekâ€™s gains.Based on the range of
1.0032 to 1.0285, traders should look for the current break to test a
retracement zone at 1.0158 to 1.0129.Since the main trend on the daily chart is now up, buyers are likely to
step in at this retracement zone.If
buyers donâ€™t show up, then look for a retest of the low for the year at 1.0032.
Stronger commodity and equity prices are
helping to put pressure on the USD CAD.Overbought indicators are also contributing to the weakness as well as
increased demand for higher risk assets.If weakness prevails the rest of the day, then look for a test of an
uptrending Gann angle at 1.0605.
News that the Reserve Bank of New Zealand
left interest rates unchanged and hinted that they wouldnâ€™t hike until after
the middle of next year has been set aside by traders as the focus has shifted
back to demand for higher yielding assets.Todayâ€™s rally looks strong enough to test a resistance cluster at .7395
The AUD USD is moving higher on increased
demand for higher yielding assets.In
addition, many traders are taking profits and covering shorts as technical
indicators showed a short-term overbought market.
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Mon 10 Sep 2018 AA 08:30 GB- GDP, Trade, Output Tue 11 Sep 2018 AA 08:30 GB- Employment Decision A 09:00 DE- ZEW Survey Wed 12 Sep 2018 A 12:30 US- PPI A 14:30 US- EIA Crude A 18:00 US- Beige Book Thu 13 Sep 2018 A 1:30 AU- Employment AA 11:00 GB- Bank of England Decision AA 11:45 EZ- European Central Bank Decision A 12:30 US- Weekly Jobless AA 12:30 US- CPI Fri 14 Sep 2018 A 08:30 GB- GDP AA 12:30 US- Retail Sales A 13:15 US- Industrial Production AA 14:00 US- prelim University of Michigan
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