U.S. Dollar Climbs Sharply Higher on Dubai World Debt Concerns
The U.S. Dollar is climbing sharply higher as global
investors dump stocks and commodities on concerns about Dubai Worldâ€™s debt
problems.Fear is racing through the
global investment community, making lower-yielding assets such as the Dollar
and the Yen more attractive.The
situation in Dubai began to break late Wednesday
night and spilled over into Thursday while U.S. markets were closed for the
Investors began to take money out of higher risk assets when
the largest corporate entity in Dubai
asked creditors for a six-month break on debt repayments of almost $60
billion.This action by the Dubai corporation is
raising concerns that other emerging market entities may be overextended in
debt which could lead to even more liquidation.
Financial markets are taking a hit all around the world as
traders fear that banks are facing major exposure to Dubai Worldâ€™s mounting
After reaching a high of 1.5144 earlier this week, the EUR
USD is now in a position to turn the main trend down on the daily chart on a
move through 1.4801.Technically, the
main range is 1.4625 to 1.5144.This makes
1.4885 to 1.4823 a key retracement area.
Investors should also watch for a potential weekly closing
price reversal top.
The main trend is down in the GBP USD.The main range is 1.5706 to 1.6878.The first down side target zone was 1.6292 to
1.6154.Last nightâ€™s break stopped after
the market tested the 50% price at 1.6292.The low overnight is 1.6271.
Falling equity and commodity prices are doing damage to the
Canadian Dollar.The main trend in the
USD CAD is up as the market crossed the last main top at 1.0730.This pair could rise substantially if crude
oil continues to plunge.
The final crisis in Dubai
is helping to drive the Japanese Yen higher.This is beginning to raise concerns among Japanese officials that the
rise in the Yen will hurt Japanese export sales.There may be intervention if the rise in the
Yen begins to get volatile.
The USD CHF is not only mounting strong gains because of
flight to safety reasons, but because the Swiss National Bank sold Swiss Francs
in an effort to knock down its value after the recent rapid rise.
The AUD USD and NZD USD are down sharply.These two countries do substantial business
with emerging market countries and have also benefitted from the excessive
liquidity which has been pumped into the global economy. The main trend turned
down in the Aussie Dollar on the overnight break through .9060.A new secondary lower top has also been
formed at .9322.If the downside move
continues, then look for a test of .8905.
The main trend turned down in the NZD USD on the overnight
trade through .7081.The next downside
target is .7016.
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