The U.S. Dollar is trading lower against all majors as
overnight rallies in the stock indices and gold are once again pulling the
Dollar lower and signaling renewed demand for higher risk assets.
Even European Central Bank President Trichet couldnâ€™t
prolong the rally in the Dollar.Yesterday he expressed support with Fed Chairman Bernanke in supporting
the Dollar.His comments triggered a
short-covering rally which could not be sustained overnight.ECB member Jean-Claude Juncker said overnight
that Trichet did what he had to do, but that the Euro wasnâ€™t high enough to
curtail the Euro-Zone recovery.
The EUR USD is trading higher and appears to have the
momentum to drive past $1.5000 this time.Certainly, Junckerâ€™s comments have taken out the fear of buying the Euro
as it begins to break out above this price.Traders have been reluctant lately to buy when the market approached
this figure out of fear the ECB would try to prevent the currency from advancing
further.Last nightâ€™s comments give
traders the green-light to begin the move which takes the Euro behind the
annual high at $1.5063.
The Bank of Englandâ€™s minutes show a three-way split in the
vote to expand the asset-purchase program.This is helping to provide support for the GBP USD this morning.It also signals that the BoE is not likely to
expand the program any further at its meeting next month.It looks at if technical factors may be
limiting gains.Current conditions
suggest that the recent rapid rise has put this market in an overbought
The USD JPY is trading sideways-to-lower.If U.S.
interest rates are going to remain low in the U.S. then the Japanese Yen should
appreciate against the Dollar. Traders seem to be hesitant to sell the USD JPY
as it approaches the recent bottom at 87.99.Investors arenâ€™t sure how the Bank of Japan will react if the Yen
continues to strengthen.
Yesterdayâ€™s rally in the USD CHF appears to have been a
short-covering rally.The move stopped
at a key 50% price at 1.0186.This
indicates that it was just a short-covering rally designed to relieve some of
the downside pressure.
The AUD USD is recovering nicely following yesterdayâ€™s
sell-off.The break was triggered by the
Reserve Bank of Australiaâ€™s
minutes which questioned whether the RBA was in a position to hike interest
rates over the near-term.Since the
market was not thinking they would, the break was mild compared to reactions in
the past.Demand for higher yielding
assets is the driving force today.
Demand for higher yielding assets is helping to support the
NZD USD.This market however is still in
a downtrend and a weak position.Even
with gold and equity markets hitting new highs for the year, this currency
hasnâ€™t been able to keep pace with the demand for higher risk assets.It looks like it is going to take a surprise
event to trigger another surge to the upside.
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