As U.S. GDP Improves, Investors Shift Interest Back to Higher Yielding Assets
U.S. GDP improved to 3.5%.This figure marked the first gain in over a year and was better than
pre-report guesses of 3.2%.Trader
appetite for risk soared after the report was released.
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.This
currency pair is also in a position to post a bearish closing reversal.
The GBP USD showed the most strength for the second day in a
row.This surprised 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 took
out a minor retracement zone and now has this market in a position to test the
recent top at 1.6691.
The Dollar gained ground against the Japanese Yen.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 retraced 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 over the near-term.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 week, then look for a test of an uptrending Gann angle
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 to .7398 over
the next few days.
The AUD USD moved 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 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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