The U.S. Dollar is trading firm at the
mid-session.Trading has been thin and
rangebound ahead of tomorrowâ€™s Fed meeting and Thursdayâ€™s Bank of England and
European Central Bank meetings.
The Dollar opened up higher this morning
based on a strong overnight trade. The Dollar gained strength after the Reserve
Bank of Australia
hiked its benchmark interest rate by 25 basis points.This was expected by traders, but the
guidance offered by the RBA suggested that additional rate hikes were not in
the near-term picture.Both higher
yielding and commodity based currencies weakened on the news.
Investors are more risk averse today.Fear is high as evidenced by stronger gold
and a higher VIX volatility index. Investors are worried that a recovery in the
economy will lead to Fed action which strips the economy of stimulus
money.This would pressure most likely
put an end to the aggressive speculation in higher yielding, higher risk
The EUR USD is trading sharply lower after
trading inside of a tight range for the past four trading sessions.Traders expect the European Central Bank to
leave its benchmark interest rate unchanged at 1%.In addition, the ECB is expected to say that
stimulus plans will remain intact until the economy starts to show signs of a
Pressure is on the GBP USD this
morning.Speculators are looking for the
Bank of England to leave interest rates at historically lower levels while
extending its asset purchase program.The surge in gold today may be helping to limit losses.
The holiday in Japan is helping to keep the USD
JPY in a tight range.Aversion to higher
risk assets is helping to bring investors back to the Japanese Yen.
The USD CHF rallied sharply higher
overnight and has held on to most of its gains.The main trend turned up on the daily chart when the market crossed 1.0285.Look for higher markets as long as this price
holds as support.
The USD CAD opened higher, but the
inability to break through yesterdayâ€™s high and the strong surge in the gold
market encouraged selling. Look for weakness to develop into the close as long
as this market stays below 1.0731.The
chart indicates that 1.0522 is possible over the near-term.
The guidance offered by the Reserve Bank of
suggests that interest rates will remain stable for the next few months.This is putting pressure on the AUD USD, but
the market is still trading inside of yesterdayâ€™s range of .8905 to .9121.The longer this market stays in this range,
the greater the impending volatility.
The NZD USD is trading flat.Higher gold and lower equities are helping to
keep this currency in a range.This
market is trading inside of yesterdayâ€™s .7081 to .7267 range but straddling a
50% price at .7159.
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