The U.S. Dollar finished lower today against a basket of
trade weighted currencies. The Greenback was under pressure all day and never
quite recovered following an overnight announcement that Dubai
received $10 billion in financing from Abu
Dhabi to pay part of the debt held by the state-owned
Global investor concerns were eased by this event because it
helped to alleviate the need to use the Dollar as a safe haven investment. Last
week, the Dollar rose partly after a credit ratings downgrade of Dubai owned entities along with downgrades of Greece, Portugal
Trading was lackluster and slow ahead of this weekâ€™s Federal
Reserve Open Market Committee meeting on December 10th.Investors seemed reluctant to take a big
position ahead of this last meeting for the year. Since the FOMCâ€™s last meeting
in November, the U.S.
unemployment rate has dropped to 10% and retail sales have risen above
expectations. Job losses and consumer spending are two key input factors the
Fed uses to determine its interest rate policy.
Traders are hoping the Fed looks at the improvement in these
two factors and issues a more hawkish statement.A dovish statement will be a surprise which
is not likely to bode well for the Dollar.
The EUR USD finished slightly higher after bouncing off a
50% price at 1.4594 Sunday night.The
initial thrust in this market overnight was provided by the surprise news out
of Abu Dhabi
regarding its partial bailout of Dubai World.Gains were muted, however, by the news that Euro Zone industrial
production fell for the 18th month while employment extended its decline and
uncertainty over the Fedâ€™s next decision.
The GBP USD rebounded after trading lower overnight. The
news out of Dubai
did not helping the British Pound.The
lack of follow-through to the downside after New York open most likely led to
short-covering.British Pound traders
have enough on their tables than to worry about sovereign debt issues in the Middle East.The U.K. has budget
and debt issues of its own.
The USD JPY was under pressure all day from traders reversing
their long positions initiated last week. This currency pair closed on a 50%
price at 88.57. The chart indicates the possibility of a further pull-back into
the 50% support at 87.80.
The USD CHF finished slightly lower in light trading.Resistance was provided by last weekâ€™s high
at 1.0367. Weakness was indicated by this pairâ€™s failure to hold the old main
top at 1.0337.This is usually a sign
that conditions are overbought and that the last drive higher was most likely
stop driven rather than fresh buying.
Firm crude oil and stronger equity markets helped to
pressure the USD CAD late in the trading session.This market continues to drift inside of a
tight and narrow range without much direction.Unless something major comes out that will ignite some movement, look
for trading to continue on both sides of 1.0598 and 1.0537.
Demand for higher yielding assets helped boost the AUD USD
and NZD USD after early weakness.The
news out of Dubai
helped to alleviate fears about holding higher risk assets.
The NZD USD was under pressure when New York opened but turned around about
mid-morning. This could be a sign that traders are ready to resume the strong
up move triggered by last weekâ€™s surprise hawkish statement by the Reserve Bank
of New Zealand.
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Mon 19 Mar 2018 Tue 20 Mar 2018 AA 9:30 GB- CPI A 10:00 DE- ZEW Survey Wed 21 Mar 2018 AA 03:00 AU- Employment AA 9:30 GB- Employment A 12:30 US- Current Account AA 14:00 US- Existing Homes Sales A 14:30 US- EIA Crude A A18:00 US- Fed Rate Decision A 21:00 NZ- RBNZ Rate Decision Thu 22 Mar 2018 AA All Day flash PMIs AA 9:30 GB- Retail Sales AA 12:00 GB- Bank Of England Decision A 13:30 US- Weekly Jobless Fri 23 Mar 2018 AA 12:30 CA- CPI/Retail Sales A 12:30 US- Durable Goods A 14:00 US- New Homes Sales
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