The U.S. Dollar is trading higher against most major
currencies this morning with the exception of the Japanese.Easing in equity, gold and crude oil prices
is sending a signal to traders to lighten up positions and book profits after
the recent decline in the Dollar.The
inability to accelerate the Dollar to the downside is also contributing to the
rally.Shorts seem to have pulled offers
after the down side momentum stated to flatten out.
The EUR USD failed to take out $1.5000 which came as a
surprise to traders.Yesterdayâ€™s rally
in the Euro following comments from Luxembourgâ€™s Juncker should have given the
Euro the green light to challenge the high for the year at $1.5063, but when
traders failed to print $1.5000 last night, the market turned seller.
The GBP USD is trading weaker.Overbought conditions are contributing to the
weakness, but the major concern for traders today is the U.K. economy
and the countryâ€™s debt situation.Investors are concerned about bank credit issues.The recent Bank of England minutes indicate
that members are split as to how to handle the quantitative easing
program.Some wanted to expand it, others
did not.This means that all members are
not on the same page in reading the economy.
The Dollar is losing ground to the Japanese Yen.Repatriation of funds is helping to boost the
Yen.Some traders are buying the Yen in
speculation that a softening in the Chinese Yuan may be beneficial for the
A sell-off in equity, gold and oil prices is helping to
drive the USD CAD higher.Appetite for
risk seems to have been taken off the table.This is putting pressure on commodity-based currencies like the Canadian
The same situation is pressuring higher yielding currencies
like the AUD USD and NZD USD.Traders
are selling stocks in Asia, Europe and the
United States while dumping higher yielding, higher risk assets.
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