Dollar Weakening On Holiday Volume; Lack of Major News Events
The U.S. Dollar backed off a 3-month high overnight as
volume began to dry up ahead of this weekâ€™s Christmas holiday. The relatively
empty economic calendar along with holiday volume has the potential to create
volatile trading conditions.
The EUR USD is trading higher overnight.Traders will be monitoring Greeceâ€™s deficit
problems as well as reassessing the possibility the Fed will begin tightening
its monetary policy.Dubai debt issues may resurface today which
could be a surprise for traders.Dubai is meeting with
creditors to renegotiate credit terms.Look for the Euro to weaken if negotiations fall apart.
The British Pound is trading weaker.The chart indicates the next potential downside
target is 1.5980.Traders are
repositioning ahead of tomorrowâ€™s Final Third Quarter GDP report.Economistsâ€™ are guessing an upward revision
to -0.1% from an earlier guess of
will be a positive for the GBP USD and indicate that the U.K is getting ready
to return to growth during the 4th quarter.
The Dollar is trading slightly better against the Yen
Japanese trade surplus helped to limit losses early in the trading
session.The Dollar could lose ground
this week in limited traded.
The USD CHF is trading lower.Profit-taking and signs that this pair may be
overbought is helping to generate overnight pressure.End of the year position evening is also
contributing to the weakness.Donâ€™t be
surprised by a pull-back to 1.0337.
The USD CAD is under pressure.This weakness began on Friday when the oil
market began to strengthen.Todayâ€™s
Canadian Retail Sales Report could be a market mover.Once again this currency pair is trading
inside of a range.The upper boundary is
1.0691 followed by 1.0459.
The Aussie and the New Zealand Dollar are both under
pressure overnight.Although U.S. equity
markets are called higher, demand for higher yielding assets has been falling
as traders reassess the Fed interest rate position.Lower economic expectations are also
pressuring the NZD USD and AUD USD.
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