The U.S. Dollar finished the day session lower in lackluster
trading with very few highlights.Profit-taking overnight led to a lower opening, but news that S&P
lowered the credit rating of Spain
helped the Dollar limit losses. Later in the trading session, the Dollar
reversed course and began to lose ground once again as traders reassessed the
fundamentals and decided that the recent rally may have been overdone.
Global debt concerns are the main issue this week and should
continue to be until countries like Greece
and Dubai step
up and back their debt commitments. Earlier in the week, a flight-to-quality
rally in the Dollar was triggered by credit rating downgrades in Dubai and Greece.Traders will continue to monitor these
situations for further developments.The
biggest fear is the spread of credit problems.At this time, the concerns have been confided to small areas, but today
the S&P Corp. added Spain
to the watch list.
At the mid-session, the EUR USD erased all of its earlier
gains, but recovered by the close.The
intraday weakness was triggered when the S&P Corp. lowered the debt rating
for Spain.Yesterday, Fitch cut the credit rating of Greece.Traders are reacting as if a trend is
developing. The chart pattern suggests that the next downside target is 1.4625
although it is likely this will not take place until after a formidable
Demand for lower yielding currencies is helped to drive the
USD JPY lower. This news comes on the heels of an early morning report which
showed that the Japanese economy grew slower than expected.Traders had very little reaction to the lower
than expected GDP Report and instead chose to focus their interests on the
weakening demand for higher yielding currencies.
Downside pressure could continue in the GBP USD now that key
support at 1.6250 has been broken.The
charts indicate that a break to 1.6148 is possible.Earlier today, the U.K. government released
preliminary plans to shore up its finances.Traders rejected the plan and began another selling spree. Traders are
also keeping an eye on the debt situation in Dubai because some U.K. bank may face
exposure to the bad debt.
The USD CAD is down today but still trading inside a tight
range. Throughout the New York session, this currency pair
straddled a pair of 50% retracement levels at 1.0598 and 1.0537. Yesterday the
Bank of Canada announced that interest rates would remain at 0.25 percent until
at least June 2010 and that it was still concerned about the strength of the
currency and its possible negative affect on exports.
The USD CHF erased most of its earlier losses, but still
managed to close lower for the day. Profit-taking helped put in the original
top, but losses were limited as buying pressure grew throughout the day because
of concerns about growing debt issues in the Euro Zone.Credit ratings have been cut for Greece and Spain this week. These actions are
making Swiss Franc traders nervous because of the possible exposure to Euro
Zone and Swiss banks. By the end of the day, this pair was able to post a
reversal top which could lead to the start of a 2 to 3 day break if 1.0219 can
On December 10th the Swiss National Bank is expected to
leave its benchmark interest rate unchanged and offer clarity as to its future
monetary policy plans.Most traders
expect the SNB to discuss its concerns about deflation and the possibility of
another round of intervention if the Swiss Franc appreciates too much against
The AUD USD is struggling to hold on to its early morning
gains, but by the end of the day was able to post a daily closing price
reversal bottom. Intraday aversion to risky assets helped the Aussie give back
some of its earlier gains, but by the close, this market was able to hold on to
those gains. Last night it was reported that the Australian economy is
beginning to show signs of weakness after three interest rate hikes.Higher borrowing costs contributed to drops
in consumer confidence, home loans and investment lending.There is a possibility that this market could
rally back to .9167 before selling pressure resumes.
A pick-up in demand for higher yielding assets helped
give the NZD USD a boost.Tomorrow
traders will be looking for the Reserve Bank of New Zealand to leave interest
rates at 2.5% until at least the Third Quarter 2010 when it makes its monetary
policy statement. Unemployment and a drop in exports continue t
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