Dollar Falls Sharply against New Zealand and Aussie Dollars
Stronger global equity markets contributed to the weakness
in the Dollar early in the trading session as traders once again increased
demand for more risky assets after reassessing U.S. economic data and the odds of
an interest rate increase by the Federal Reserve.
The U.S. Dollar finished mixed against most major currencies
with the massive losses coming against Pacific Rim
The NZD USD posted a strong gain fueled by the prospect of
an interest rate hike sooner than previously expected.In adapting a more hawkish tone at todayâ€™s
monetary policy meeting, the Reserve Bank of New Zealand said that if the
economy continued to improve, conditions may support the removal of monetary stimulus
â€śaround the middle of 2010.This last
line was more bullish than the previous announcement which said rates would not
be raised â€śuntil the second half of 2010â€ť.
An additional boost was given to the currency when RBNZ
Governor Bollard hinted that he was less worried about the strength in the
currency.â€śWeâ€™re now seeing an economy
where some of the background conditions are slightly stronger,â€ť said
Bollard.â€śWe have been unusually
explicit over the last number of statements because we thought we were seeing
financial market conditions getting ahead of things.â€ť
The surprise hawkishness by the RBNZ, caught traders
off-guard while triggering a strong move overnight.Wednesdayâ€™s closing price reversal bottom
seems to indicate that todayâ€™s hawkish tone was anticipated.The reversal bottom at .7043 was confirmed
overnight on the rally through .7206.The main trend on the daily chart turned up on a move through .7299.Gains were limited as this market approached
the retracement zone at .7328 to .7401.
The AUD USD posted a strong gain following the release of a
better than expected employment report.Overnight the Australian government reported that the unemployment rate
fell to a seasonally-adjusted 5.7%.The
release of this data helped revive confidence in the global economy.
The USD CHF traded sideways-to-higher following the Swiss
National Bankâ€™s monetary policy decision.The SNB left its 3-month target rate unchanged while announcing plans to
stop bond purchases.
Stronger equity markets and a bearish economic report helped
rally the USD JPY. The drop in core machinery orders in October fueled
speculation that deflation will undermine the Japanese economic recovery.
The EUR USD erased all of its earlier gains by the
mid-session after traders became more risk averse due to the lack of
follow-through to the upside in the stock market. By the close, however, the
Euro was able to post a modest gain. This market clearly took its direction
from the stock market today.
The GBP USD moved lower shortly before the mid-session as
demand for higher yielding currencies stalled, but ended up posting a small
gain on late session position evening. This morning the Bank of England left
interest rates unchanged while voting to maintain its asset-purchase program.
The USD CAD finished down but remained rangebound
between a pair of 50% levels.Better
than expected Canadian exports helped maintain the bearish tone in this market
throughout the day.
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