The U.S. Dollar opened the overnight trade
better but turned lower following a strong PMI number out of China.The New
York opening was weak but the Dollar accelerated to
the downside after the release of a better than expected U.S. PMI Report. This
report showed that the U.S.
economy was expanding.
Although the Dollar weakened on the news,
the selling action was not enough to change the trend to down, but merely
indicates a technical retracement of last weekâ€™s sharp rally.
While the Dollar is retracing its rally,
the currencies are posting gains with the exception of the Japanese Yen and
The stronger than expected U.S. PMI report
helped turn the USD JPY positive.The
report showed expansion in the U.S.
economy which helped boost yields on U.S. Treasuries.Traders sold Yen to buy Dollars to capture
the higher yield.
The GBP USD has been trading lower all
morning, but rallied off its bottom when the U.S. released the PMI Report.Traders are pressuring the British Pound in
anticipation of the Bank of England meeting on November 5.Speculators are betting the BoE expands its
The EUR USD is trading better after finding
support for three days at a retracement zone at 1.4776 to 1.4707.Traders are anticipating the European Central
Bank to leave interest rates unchanged at its next meeting on November 5.The next upside target is 1.4873 to 1.4918.
The weaker Dollar and stronger gold market
is helping to drive down the USD CHF.This
currency pair failed to take out the swing top at 1.0285 as sellers overtook
the buyers to keep the main trend down. The chart pattern suggests a break to
1.0158 is likely over the near-term, followed by 1.0129.
Strong gains in Chinaâ€™s PMI number suggest the
economy is still expanding which is bullish news for the AUD USD.The Aussie rallied on the news after testing
major support at .8948.Based on the
short-term range of .9329 to .8905, the current upside momentum is likely to
drive this market to .9117 to .9167.Gann angle resistance is at .9169 which makes .9167 to .9169 a possible
upside target today.
The bullish news from China is also
helping to boost the NZD USD.Expectations are for the expanding Chinese economy to boost New Zealand
exports.Todayâ€™s rally has put this
market in a position to post a daily closing price reversal up.The major upside target is .7358 to .7423,
but this market has to clear downtrending Gann angle resistance at .7315 first.
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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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