Dollar Gains as Investors Shy Away from Risky Assets
The U.S. Dollar posted a strong gain versus major currencies
on Thursday as investors pulled money out of higher risk assets and sought
refuge in the safer Greenback.Recent
economic data is making traders think twice about buying riskier stocks and
commodities at the current lofty levels.
The EUR USD traded sharply lower early in the trading
session but managed to erase more than half of the loss by the close.Traders have been sensitive to recent
comments from European Central Bank President Trichet who tried to talk up the
From a technical perspective, the Euro is range bound
between 1.4625 - 1.5049.The mid-point
of this range at 1.4865 is becoming short-term support.A close below this figure will be a sign of
weakness. Regaining 1.5000 on a closing basis will be a bullish sign.
GBP USD traders largely ignored friendly October retail data
and pressured the British Pound most of the day.Investors are still trying to sort out the
meaning of the split vote between Bank of England members regarding its
quantitative easing plan.Some say there
is mixed interpretation of the economy while others feel that this is a sign
the BoE may begin easing up on its asset-buyback program.Either scenario is making British Pound
traders uncomfortable holding long positions.Technically, the recent strong rise was a little too much for the market
to handle.The current overbought
condition could trigger a retracement all the back to 1.6292 before serious
buyers re-emerge.Credit issues are
beginning to crop up again which could make long traders nervous.
The USD JPY lost ground today as Japanese investors
repatriated funds while equity markets weakened.There is some light support at 88.96 but
downside momentum triggered by another weak day for equities could drive this
pair to the main bottom at 87.99.
The Dollar advanced versus the Swiss Franc, but gains were
once again limited by major 50% resistance at 1.0186.This price stopped the market twice this
week. Minor uptrending support is at 1.0127.Major Gann angle support moves up to 1.0080.On the upside, obviously this market has to
clear out the 50% price at 1.0186 before advancing further.If this scenario develops, then look for a further
rally to 1.0217 to 1.0222.
The USD CAD rallied sharply higher, supported by weaker
equities and crude oil.Gains were
reduced late in the session when gold advanced after being down most of the
day. The main range is 1.0870 to 1.0416.Today the market tested the retracement zone of this range at 1.0643 to
1.0697.Additional resistance comes in
News that labor was no longer backing the Reserve Bank of New Zealand
helped to drive the NZD USD sharply lower. Labor representatives feel that the
monetary policy of the RBNZ is curtailing economic growth.The strong rise in the currency is said to be
the cause of a poor export market which is keeping New Zealand from recovering from
the recession.The main range is .7081
to .7523.The major retracement zone of
this range is .7302 to .7250.Today‚Äôs
low stopped inside this range at .7271.
The AUD USD fell in sympathy with the New Zealand
Dollar.Long traders also blew out of
positions as global demand for higher yielding assets fell.Like New Zealand Dollar traders, Aussie
traders may be beginning to feel that the high priced currency is going to have
detrimental effects on the Australian economy.
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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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